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Title: Takaful and conventional general insurance : analysing Muslim consumers' perception and choices in the UK and Saudi Arabia
Author: Al-Salih, Aysha
ISNI:       0000 0004 5348 1530
Awarding Body: Royal Holloway, University of London
Current Institution: Royal Holloway, University of London
Date of Award: 2014
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This thesis aims to identify the conceptual and operational differences between Takaful and conventional general insurance, and to investigate the role of religiosity, among other factors that affect the choices of insurance policies by Muslims in the United Kingdom (UK) and Saudi Arabia (KSA). The thesis studies the philosophy and features of Islamic finance, and examines religion and religiosity in the context of social sciences. A structured questionnaire based on consumer-oriented questions was used to collect the quantitative data analysed in this study. Differences between UK and Saudi Muslims relating to their preferences for and choices of insurance policies were examined, and the influence of consumers' perceptions and awareness on choosing between Takaful and conventional insurance models and between the various products offered within each model was also investigated. Factor analysis has been used to identify different dimensions to the overall notion of religiosity. Regression analysis has been used to investigate whether there are any systematic explanations for choices between Takaful and conventional insurance policies. Respondents show varying degrees of awareness of Islamic products, with high awareness of general Takaful, much lower awareness of family Takaful, and mixed awareness of other products. Compliance with Sharia is a highly valued attribute of Islamic financial products, though this attribute is less highly valued by UK respondents. There are some significant differences in how respondents in the UK and KSA perceive insurance companies and providers, with KSA respondents tending to differentiate Takaful from conventional insurance much more than UK respondents. The purchase of Takaful policies was associated with greater knowledge of Islam, while purchase of conventional policies was associated with low adherence to Islamic practises. Identification of consumers' reasons for acquiring particular forms of insurance helps to highlight the perceived weaknesses and strengths of the different forms. The findings of this thesis will help researchers and practitioners to understand consumer needs, which will affect the survival of Islamic banking and insurance institutions.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available