Determinants for the uptake of takaful insurance in Uganda: an exploratory mixed approach

IF 2.5 Q2 BUSINESS, FINANCE

Journal of Islamic Accounting and Business Research Pub Date : 2024-06-11 DOI:10.1108/jiabr-07-2023-0222

Gorden Wofuma, Rehema Namono, Williams Munobe, Emmanuel Isiagi

{"title":"Determinants for the uptake of takaful insurance in Uganda: an exploratory mixed approach","authors":"Gorden Wofuma, Rehema Namono, Williams Munobe, Emmanuel Isiagi","doi":"10.1108/jiabr-07-2023-0222","DOIUrl":null,"url":null,"abstract":"\nPurpose\nTakaful insurance is gaining increasing popularity worldwide. However, the takaful industry is relatively new in Uganda and its research is still in embryonic stages. This study aimed at exploring the contextual determinants for the uptake of takaful insurance in Uganda, a minority Muslim country.\n\n\nDesign/methodology/approach\nThis study used a sequential exploratory mixed research design using qualitative and quantitative approaches and drawing data from the managers of insurance companies and a section of potential customers of takaful products in Uganda. The qualitative data were analysed using content analysis to determine the emerging themes, whereas quantitative data was analysed using descriptive statistics.\n\n\nFindings\nThe findings revealed that informational, individual personality and demographic factors influences the customer’s choice to select takaful products in Uganda. The authors concluded that focusing on informational besides, individual personality and demographic factors would enhance the uptake of takaful insurance in a minority Muslim country like Uganda.\n\n\nResearch limitations/implications\nThis study was limited to establishing and classifying the contextual determinants of takaful insurance without establishing the degree by which each of the determinants especially informational, demographic and individual personality explains the penetration of takaful insurance. Hence, future studies can examine the causal relationship between each of the three highlighted determinants on the penetration of takaful insurance in the context of minority Muslim countries.\n\n\nPractical implications\nThe study contributes to the insurance industry players and the insurance regulator in understanding the respective customers needs for them to subscribe to takaful products.\n\n\nOriginality/value\nThis study presents an opportunity to understand the takaful or Islamic insurance market in Uganda by exploring the factors that can determine the subscription of takaful products in the country.\n","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2024-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Islamic Accounting and Business Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/jiabr-07-2023-0222","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

Abstract

Purpose Takaful insurance is gaining increasing popularity worldwide. However, the takaful industry is relatively new in Uganda and its research is still in embryonic stages. This study aimed at exploring the contextual determinants for the uptake of takaful insurance in Uganda, a minority Muslim country. Design/methodology/approach This study used a sequential exploratory mixed research design using qualitative and quantitative approaches and drawing data from the managers of insurance companies and a section of potential customers of takaful products in Uganda. The qualitative data were analysed using content analysis to determine the emerging themes, whereas quantitative data was analysed using descriptive statistics. Findings The findings revealed that informational, individual personality and demographic factors influences the customer’s choice to select takaful products in Uganda. The authors concluded that focusing on informational besides, individual personality and demographic factors would enhance the uptake of takaful insurance in a minority Muslim country like Uganda. Research limitations/implications This study was limited to establishing and classifying the contextual determinants of takaful insurance without establishing the degree by which each of the determinants especially informational, demographic and individual personality explains the penetration of takaful insurance. Hence, future studies can examine the causal relationship between each of the three highlighted determinants on the penetration of takaful insurance in the context of minority Muslim countries. Practical implications The study contributes to the insurance industry players and the insurance regulator in understanding the respective customers needs for them to subscribe to takaful products. Originality/value This study presents an opportunity to understand the takaful or Islamic insurance market in Uganda by exploring the factors that can determine the subscription of takaful products in the country.

查看原文本刊更多论文

乌干达采用回教保险的决定因素：探索性混合方法

目的回教保险在全世界越来越受欢迎。然而，回教保险业在乌干达相对较新，其研究仍处于萌芽阶段。本研究旨在探讨在乌干达这个穆斯林少数民族国家，回教保险吸收的背景决定因素。本研究采用了一种顺序探索性混合研究设计，使用了定性和定量方法，并从乌干达保险公司经理和部分回教保险产品潜在客户那里获取数据。定性数据采用内容分析法进行分析，以确定新出现的主题，而定量数据则采用描述性统计法进行分析。研究结果研究结果表明，信息、个人性格和人口统计因素影响着乌干达客户选择回教保险产品。作者得出结论，在乌干达这样一个穆斯林少数民族国家，除信息因素、个人性格和人口统计因素外，关注其他因素也会提高回教保险的普及率。因此，未来的研究可以在穆斯林少数民族国家的背景下，研究这三个突出的决定因素中的每一个因素与回教保险渗透率之间的因果关系。原创性/价值本研究通过探讨决定乌干达回教保险产品投保率的因素，为了解该国的回教保险或伊斯兰保险市场提供了一个机会。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Islamic Accounting and Business Research BUSINESS, FINANCE-

CiteScore

4.80

自引率

22.70%

发文量

期刊介绍： The journal provides a dynamic forum for the advancement of accounting and business knowledge based on Shari’ah and Islamic activities that have an impact on the welfare of society. JIABR publishes articles on the interplay between Islamic business ethics, accounting, auditing and governance, in promoting accountability, socio-economic justice (adl) and everlasting success (al-falah). It seeks to inform, among others, current theoretical and empirical research and practice in Islamic accounting, auditing and corporate governance, management of Islamic organizations, accounting regulation and policy for Islamic institutions, Shari’ah auditing and corporate governance, financial and non-financial performance measurement and disclosure in Islamic institutions and organizations. All styles of research, theoretical and empirical, case studies, practice-based papers and research notes that are well written and falling within the journal''s scope, are generally welcomed by the journal. Scope/Coverage Development of accounting, auditing and corporate governance concepts based on Shari’ah Socio-political influence on accounting and auditing regulation and policy making for Islamic financial institutions and organizations Historical perspectives on Islamic accounting, auditing and financial management Critical analysis on issues and challenges on accounting disclosure and measurement, Shari’ah audit and corporate governance Controls and risks in Islamic organizations Financial and non-financial performance measurement and disclosure.