Identifying and Ranking Factors Affecting the Demand for Takaful Insurance in Iran

Abstract

In recent decades, the Islamic financial services industry has grown significantly. With the increasing development of the Islamic financial system, takaful products have also experienced extensive growth and changes. In order to further promote this type of insurance, it is important to identify the key factors on demand and also evaluate their importance. In Iran’s insurance industry, insurers have recently entered this field. Therefore, the results of this research can be useful for policymakers and takaful operators in formulating appropriate strategies to increase demand for takaful insurance. In this regard, in this research, the general aspects of takaful insurance are first explained. Then, the indicators affecting demand were identified using library studies and a review of written documents, and these indicators were categorized into five economic, social, and demographic sectors, marketing and sales, as well as product characteristics. Then, using a field study and distributing a questionnaire among the experts in the research field, the level of importance of the indicators was analyzed relative to each other and the indicators were ranked according to their importance.