Are Agency Managers Driving Waqf-Takaful Death Compensation Product Success?

Abstract

This study examines the role of agency managers in driving the success of waqf-takaful death compensation products in Malaysia. The research identifies the challenges agency managers face and the strategies they use to promote the integration of Islamic financial products with waqf, a charitable endowment. A qualitative approach was employed, involving in-depth interviews with eight agency managers from various takaful companies. Thematic analysis was used to identify key themes related to product knowledge, customer education, marketing strategies, and incentives. The findings reveal that agency managers are pivotal in educating potential clients, overcoming skepticism, and bridging the gap between religious values and financial products. However, challenges such as limited market awareness, product misconceptions, and the need for improved promotional efforts remain significant obstacles. The study suggests that enhanced training for agency managers, better marketing strategies, and clearer communication of product benefits could contribute to the wider adoption of waqf-takaful products. This research offers valuable insights into the practical implications for takaful providers and policymakers in Malaysia, emphasizing the importance of agency managers in promoting financial inclusion and social responsibility through waqf-takaful products.