Penetration of Takaful Insurance in Uganda.

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dc.contributor.authorMunobe Williams & Wofuma Gorden
dc.date.accessioned2025-01-31T07:10:16Z
dc.date.available2025-01-31T07:10:16Z
dc.date.issued2025-01-31
dc.description.abstractProviding direction for the penetration of Takaful insurance is expected to widen the insurance market and shield insurers against the exploitations of conventional insurance. Takaful insurance was introduced in Uganda and is still in its infant stages despite its market presenting a promising potential with the recent increase in the demand for Islamic products. Moreover, the available literature generically presents multiple factors for the penetration of Takaful insurance. The current study sought to explore and classify the diverse contextual determinants for the penetration of takaful insurance in Uganda which is a minority Muslim country. In line with the tenets of the Theory of Reasoned Action (TRA), and Theory of Planned Behaviour (TPB), the current study classifies the determinants to promote easy comprehension by the insurance practitioners on the key contextual determinants for the penetration of takaful insurance. The study relied on a pragmatism philosophical orientation with a sequential exploratory mixed research design involving collection of data at two levels to answer the research question by collecting data from the managers of 33 insurance companies and some customers of takaful products in Uganda. The qualitative data was analysed using content analysis by considering the emerging themes on the three contextual determinants of informational, individual personality and demographic/social factors, while the quantitative data was analysed using descriptive statistics. The mixed findings revealed that informational, individual personality and demographic factors determines the penetration of takaful insurance in Uganda. Hence, we conclude that focusing on the three contextual determinants of demographic/social, informational and individual personality is paramount in influencing the intention of the public and other stakeholders in adopting takaful/Islamic insurance products in a minority Muslim country like Uganda. The findings of the study contributes to practice by providing empirical evidence to support the development of the takaful sector in Uganda. The study relied of descriptive analysis which did not establish the causal relationship between each of the identified determinants, hence future studies should establish the causal relationship between informational, demographic and individual personality determinants on the penetration of takaful insurance in Uganda or other minority Muslim countries to enrich the finding.
dc.description.sponsorshipInsurance Training College
dc.identifier.urihttps://ir.itc.ac.ug/handle/123456789/29
dc.language.isoen
dc.publisherInsurance Training College
dc.subject• Takaful Insurance
dc.subject• Penetration
dc.subject• Uganda
dc.subject• Takful Fund
dc.subject• Islamic Financial Services
dc.titlePenetration of Takaful Insurance in Uganda.
dc.title.alternativeAn exploratory determinant.
dc.typeOther

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