THE DEVELOPMENT OF TAKAFUL EDUCATION PROGRAMS (TEP) FOR THE SUSTAINABILITY AND MARKETABILITY OF THE TAKAFUL INDUSTRY

by Nor Razuana Amram, Noor Hidayah Zainudin, Nazihah Wan Azman, Noor Fasihah Muhammad, Muhamad Faisal Bahari

Publisher - USAS Takaful Academy

Category - General Academics

The financial landscape of Malaysia has seen significant transformation with the integration of Islamic financial principles. One such innovation is the Takaful Education Program (TEP), a Shariah compliant financial product designed to provide educational support for the Malaysian society. The objective of this paper is to identify the sustainability and marketability of the Takaful Education Program (TEP) in Malaysian. A pilot study was carried out on a sample of 30 members of Malaysian society. A survey instrument consisting of 12 measurement items was designed to identify the level of TEP implementation in Malaysian society (civil servants, private sector workers, self-employed individuals, students, and unemployed). Descriptive statistical analysis and reliability analysis were conducted using SPSS software to analyze the data. Findings indicate that industry-aligned curriculum, market demand for Takaful professional, and industry sponsorship are the critical success factors that play a key role in ensuring the development of the Takaful program. In conclusion, implementing TEP into broader financial literacy initiatives, can be increase market penetration, supportive policies, and sustainable industry growth. Therefore, as a practical contribution, the instruments developed in this study may serve as valuable tools for evaluating TEP in Malaysian society and for future studies on TEP could consider conducting longitudinal studies the influences of Takaful education on graduate outcomes. Keywords: Critical Success Factors, Reliability Analysis, Takaful Education Programs, Malaysian, Society.

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