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7) The Market analysing questions such as challenges from competition from Takaful
companies, competition from conventional insurers, weak customer base, and low
consumer awareness.
8) The Human capital section including the lack of qualified personnel, inadequate
education and continuous development, and inadequate training for agents and brokers.
The section on company-level SWOT analysis includes the questions about the internal and
external factors that the respondent believes are critical for the growth of the Takaful/ Re-
Takaful company, such as:
1) Strengths for the development of the industry, protecting the existing market share
and penetrating new markets are the use of technology and automation to sustain the
quality of services; successful product development and innovation; the high level of
customer satisfaction; well-developed distribution network; strong free cash flow for
further expansion of projects; the high rate of return on Shari'ah-compliant
investments; having high-skilled workforce; and the diversification across countries.
2) Weaknesses which should be addressed to build on the company’s competitive edge
and strategic positioning include the high attrition rate in workforce; a lack of efficient
financial planning; rigid organization structure to accommodate new business models;
poor marketing strategies; and a lack of investment into research and development
(R&D).
3) Opportunities for the success of the company are the strong support from the
government for development of the industry; new customers via online channels; access
to new insurance technology; future growth due to political and economic stability; and
expansion in other countries.
4) Threats to the development of the company include the intense competition from
Takaful operators and conventional insurers; new restrictive regulations; the irregular
development and supply of new products; vulnerable cybersecurity; and the high
bureaucracy level as an impediment to growth.
The interviews include the following ten questions about the Takaful industry:
1) How do the macroeconomic environment, political uncertainty and market
confidence influence the Takaful industry and what are the counter measures that need
to be taken?
2) How do legislation, transparency, disclosure, taxation, capital requirements and
solvency margins play roles in strengthening the Takaful industry and what are the
counter measures that need to be taken?
3) How can product development, innovation, new business models, and quality of
operations play roles in the growth of the Takaful industry and what are the counter
measures that need to be taken?
4) Whether the Shari'ah framework play a crucial role in the Takaful?