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Consumer acceptance toward takaful in Pakistan

Consumer acceptance toward takaful in Pakistan PurposeThe purpose of this paper is to determine the factors influencing customer adoption toward takaful products in Pakistan.Design/methodology/approachThe study used five attributes of diffusion innovation theory (DOI), namely, relative advantage, compatibility, trialability, observability and complexity. Furthermore, the authors introduced two additional constructs, namely, consumer awareness and religiosity to analyze the adoption behavior of customers. A total of 365 questionnaires were distributed among the participants of the study. The survey was conducted in the Karachi city where the respondents were the existing and potential users of takaful products. The theoretical model of DOI theory was tested using structural equation modeling.FindingsThe findings report that complexity has a negative impact on the adoption of takaful, whereas relative advantage, compatibility, trialability, observability, religiosity and consumer awareness shows a positive and significant influence.Originality/valueIt is a noteworthy point that past literature is quite limited to investigate the determinants of consumer intentions to adopt takaful products. Based on this argument, the authors build the study to provide a scope and coverage in the field of Islamic insurance. The authors also expect that the research will encourage and provide a venue for forthcoming studies to help policy makers and academicians in this emerging business. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Emerging Markets Emerald Publishing

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1746-8809
DOI
10.1108/ijoem-08-2017-0275
Publisher site
See Article on Publisher Site

Abstract

PurposeThe purpose of this paper is to determine the factors influencing customer adoption toward takaful products in Pakistan.Design/methodology/approachThe study used five attributes of diffusion innovation theory (DOI), namely, relative advantage, compatibility, trialability, observability and complexity. Furthermore, the authors introduced two additional constructs, namely, consumer awareness and religiosity to analyze the adoption behavior of customers. A total of 365 questionnaires were distributed among the participants of the study. The survey was conducted in the Karachi city where the respondents were the existing and potential users of takaful products. The theoretical model of DOI theory was tested using structural equation modeling.FindingsThe findings report that complexity has a negative impact on the adoption of takaful, whereas relative advantage, compatibility, trialability, observability, religiosity and consumer awareness shows a positive and significant influence.Originality/valueIt is a noteworthy point that past literature is quite limited to investigate the determinants of consumer intentions to adopt takaful products. Based on this argument, the authors build the study to provide a scope and coverage in the field of Islamic insurance. The authors also expect that the research will encourage and provide a venue for forthcoming studies to help policy makers and academicians in this emerging business.

Journal

International Journal of Emerging MarketsEmerald Publishing

Published: Jan 1, 1

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