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2025, Vol. 15, No. 2
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Are Agency Managers Driving Waqf-Takaful Death
Compensation Product Success?
Sukriah Ismail
Kulliyyah of Shariah & Law
Universiti Islam Antarabangsa Sultan Abdul Halim Mu’adzam Shah, Kedah, Malaysia
Marina Abu Bakar (Corresponding author)
Academy of Contemporary Islamic Studies, Universiti Teknologi MARA Perlis, Malaysia
Tel: 60-112-429-2070 E-mail: marinaab@uitm.edu.my
Hanizan Shaker Hussain
School of Computing, Quest International University, Perak, Malaysia
Mohamad Saufee Anuar
Ranhill SAJ Sdn Bhd, Johor, Malaysia
Md Nasri Ali
Takaful Ikhlas Family Berhad, Pulau Pinang, Malaysia
Afiffudin Mohammed Noor
Academy of Contemporary Islamic Studies, Universiti Teknologi MARA Perlis, Malaysia
Received: February 4, 2025 Accepted: March 10, 2025 Published: March 14, 2025
doi:10.5296/ber.v15i2.22598 URL: https://doi.org/10.5296/ber.v15i2.22598
Abstract
This study examines the role of agency managers in driving the success of waqf-takaful death
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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.
Keywords: Waqf-takaful, Death compensation products, Agency managers, Islamic finance,
Takaful industry
1. Introduction
The waqf-takaful death compensation product in Malaysia represents a unique integration of
Islamic insurance and charitable endowment, offering both financial protection for
beneficiaries and contributing to social welfare through waqf. However, the success of this
product is significantly influenced by the role of agency managers, who not only act as
salespeople but also as educators, motivators, and bridges between Islamic values and
financial products. Agency managers play a crucial role in driving customer acceptance by
educating potential clients, addressing misconceptions, leveraging peer influence, and
tailoring products to meet the diverse needs of customers (Ahmad et al., 2022; Abu Bakar et
al., 2023a). Despite the potential benefits of waqf-takaful products, challenges related to
market penetration, product knowledge, and customer acceptance remain prevalent,
particularly due to the complex nature of integrating financial services with religious values
(Rahman & Ahmad, 2011).
The importance of this research stems from its focus on understanding how agency managers
can overcome these challenges and drive the success of waqf-takaful death compensation
products. As Malaysia’s Muslim population increasingly seeks financial solutions that align
with their religious principles, waqf-takaful products hold the potential to address social
welfare issues while promoting financial inclusion (Abu Bakar et al., 2023b). However,
obstacles such as limited market awareness, product misconceptions, and insufficient
marketing strategies persist (Abdullah, 2018). This study aims to provide insights into the
strategies agency managers employ to overcome these challenges, emphasizing the critical
role they play in educating customers and promoting waqf-takaful products.
Existing literature highlights the pivotal role of agency managers in promoting takaful
products, particularly in addressing the unique needs of customers while navigating the
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intersection of Islamic finance and social responsibility (Abu Bakar et al., 2023a). Agency
managers’ product knowledge and ability to communicate the benefits of takaful products
have been shown to significantly impact customer adoption (Ahmad et al., 2022).
Additionally, research on waqf-takaful integration suggests that effective marketing,
education, and the alignment of religious values with financial products are key factors
influencing product success (Rahman & Ahmad, 2011). Despite these findings, limited
studies have specifically examined the challenges faced by agency managers in driving the
success of waqf-takaful death compensation products.
The main objectives of this study are to understand the role of agency managers in the
success of waqf-takaful death compensation products, identify the challenges they face, and
explore the strategies they use to promote these products. Despite the product’s potential
benefits, challenges related to market penetration, product knowledge, and customer
acceptance persist due to the complexities of integrating financial services with religious
values. While previous studies have examined the role of agency managers in promoting
takaful, limited research specifically addresses the challenges they face and the strategies
they employ in waqf-takaful death compensation products. This study aims to bridge this gap
by analyzing how agency managers navigate these challenges to enhance product adoption. It
hypothesizes that agency managers’ product knowledge significantly influences customer
acceptance, effective marketing strategies positively impact adoption, and religious alignment
of financial products enhances customer trust and willingness to subscribe. These hypotheses
are grounded in the theoretical framework of marketing and Islamic finance, which
emphasizes the importance of customer education and the integration of social and financial
objectives (Abdullah, 2018). The study employs a qualitative research design, utilizing
in-depth interviews with agency managers to gather insights into their experiences and
strategies. Thematic analysis will be used to identify key themes and patterns in the data,
providing a deeper understanding of the factors that influence the success of waqf-takaful
products.
This study contributes to the literature on Islamic finance by providing valuable insights into
how agency managers can drive the success of waqf-takaful death compensation products. It
also offers practical recommendations for takaful providers to improve customer education,
enhance marketing strategies, and address the challenges faced by agency managers,
ultimately contributing to the broader goal of financial inclusion and social responsibility in
Malaysia.
2. Literature Review
2.1 Previous Studies on Takaful Products
Previous studies on takaful products have explored various aspects of this Islamic insurance
system. Research has examined factors influencing Muslim consumers’ preferences towards
takaful in Malaysia (Mansor et al., 2015) and Pakistan (Ali et al., 2019). Bibliometric
analyses have provided insights into the growth, trends, and key contributors in takaful
research (Alam et al., 2023; Khan et al., 2020). The historical development and evolution of
takaful models have been investigated (Hassan, 2020), revealing the need for innovation in
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product design and marketing strategies. Studies have also assessed the level of knowledge
and understanding of takaful concepts among Muslims (Hamid & Othman, 2009),
highlighting the importance of consumer education. Recent research has explored innovative
takaful products, such as funeral insurance, and their market potential (Saharuddin et al.,
2023). These studies collectively contribute to a better understanding of takaful’s current state
and future prospects in the Islamic financial landscape.
Many studies highlight the key trends in Malaysia’s takaful industry. Consumer preferences
for takaful products are influenced by social and religious factors, product features, and
marketing strategies (Hassan et al., 2018). The use of Arabic terminology has helped
penetrate the untapped Muslim market (Ahmad et al., 2013). Investment-linked takaful
schemes have gained popularity, presenting new opportunities and Shariah compliance
challenges (Noor, 2009). Family takaful has shown positive socio-economic impacts and is
affected by macroeconomic variables (Rahman, 2008). Innovation in takaful products,
marketing, pricing, and distribution channels is crucial for industry growth (Hassan & Salman,
2021). Key determinants of takaful acceptance include perception, product features,
promotion, benefits, and service quality (Razak et al., 2013). The agency system, operator
reputation, products and services, and marketing efforts are main drivers of family takaful
demand (Arifin et al., 2013).
The takaful industry has introduced innovative products like investment-linked family takaful,
which offers both investment and protection (Parveen et al., 2020). Previous study analyses
reveal increasing research trends, with Malaysia being a major contributor (Alam et al., 2023;
Nasir et al., 2021). However, takaful penetration remains low at 15.2% compared to
Malaysia’s 61.3% Muslim population (Shaifuddin, 2020). Factors affecting medical health
takaful demand include demographics, education, and income (Mustafa et al., 2019). Despite
challenges, the takaful industry continues to evolve, with past initiatives like takaful waqf
showing potential for reintroduction with improved models (Wan Ab Rahaman & Yaacob,
2014).
2.2 Agency Managers in Takaful Industry
The takaful industry in Malaysia has shown significant growth, but market penetration
remains low due to factors such as limited public awareness and product variety (Mohamed et
al., 2013). Agency managers play a crucial role in the industry’s development, with
leadership styles influencing performance (Hashim & Khairuddin, 2012; Hamid et al., 2012).
Agents’ commitment, motivation, and attitudes are positively correlated with industry
performance (Hamid & Rahman, 2011). However, challenges persist, including a shortage of
skilled agents and high turnover rates (Hamid et al., 2010). To improve market penetration,
agents must foster public understanding of takaful as an Islamic alternative to conventional
insurance (Samsuri & Jamal, 2017). The adoption of the wakalah agency system has shown
positive results in terms of company performance and customer preferences (Annuar, 2004),
suggesting its potential for industry growth.
Prior studies on takaful agency managers highlight their crucial role in the industry’s
performance and adherence to Shariah principles. Agency managers’ commitment, motivation,
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and attitudes positively influence takaful industry performance (Hamid & Rahman, 2011).
Leadership behaviors like initiating structure, consideration, representation, and
persuasiveness are also positively related to performance (Hamid et al., 2012). Corporate
social responsibility activities, particularly economic and ethical dimensions, directly impact
takaful agencies’ business performance (Nazri et al., 2020). Workplace spirituality enhances
organizational commitment among takaful agents (Djafri & Noordin, 2017). Non-Shariah
staff, including front-line employees and underwriters, play essential roles in managing
Shariah risk exposures (Yusof et al., 2019). Takaful operators rely heavily on agents for
marketing and promotion, emphasizing the need for strong agency systems (Hamid, 2013).
Adherence to Shariah principles and sound governance are crucial for achieving Maqasid
Shariah in takaful operations (Abu et al., 2014).
The performance of takaful companies is significantly influenced by governance structures,
leadership, and ethical practices. Sallemi & Zouari (2024) found that Shariah boards enhance
takaful performance by promoting ethical behavior and social responsibility. Eldaia et al.
(2023) highlighted that high-quality Shariah committees strengthen the positive impact of
effective boards of directors on takaful performance. Additionally, Sallemi & Zouari (2023)
emphasized that CEOs with strong leadership and knowledge of Islamic finance drive better
outcomes. Basir et al. (2023) showed that the ethical behavior of takaful agents is crucial,
shaped by both individual values and organizational culture. Moreover, Ruhana et al. (2023)
compared takaful governance in Malaysia and Brunei, noting that Malaysia’s stronger
regulatory framework contributes to better performance. Overall, effective governance and
ethical practices are key to the success of takaful companies.
2.3 The Intersection of Waqf and Takaful
The intersection of waqf and takaful presents innovative opportunities for socio-economic
development in Islamic finance. Waqf can be integrated into takaful products to provide risk
protection and social benefits (Rahman & Ahmad, 2011). This combination has been explored
in Malaysia through models like the Takaful-Waqf Plan, though challenges in implementation
exist (Abu Bakar et al., 2023a; Ahmad et al., 2022; Rodríguez-Moreno, 2018). Waqf-based
takaful models can potentially address issues of poverty, support social entrepreneurship, and
contribute to Sustainable Development Goals (SDGs) (Abu Bakar et al., 2023b; Shaikh et al.,
2017; Abdullah, 2018). The integration of zakat with waqf and takaful has also been proposed
to enhance the effectiveness and sustainability of micro-takaful schemes for underserved
communities (Mikail et al., 2017). However, the application of waqf-takaful models faces
regulatory, operational, and Shariah compliance challenges that require further research and
development (Rosele & Johari, 2016; Fauzi & Rashid, 2017).
The takaful industry in Malaysia is evolving through the integration of Islamic charity
instruments, technology, and market expansion strategies. Harun et al. (2023) highlighted
how zakat and waqf are used within takaful products to align with Islamic principles and
enhance social welfare. Gazali et al. (2023) discussed the adoption of Takaful Technology
(TakaTech), driven by consumer awareness and regulatory support, to keep the industry
competitive. Jusoh (2023) emphasized strategies for increasing market penetration, such as
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public awareness and product innovation. Qian & Darman (2023) noted that non-Muslim
acceptance of takaful products is growing but needs further awareness. Ahmad et al. (2023)
stressed the importance of technological advancements for improving efficiency and
customer experience in takaful operations. All-inclusive, these elements are key to the
industry’s growth.
The landscape of Islamic finance, especially within the takaful sector, is increasingly
influenced by innovative strategies and interdisciplinary collaboration. Current research has
explored various elements of Islamic microfinance, Environmental, Social, and Governance
(ESG) principles, and waqf, offering a thorough insight into their effects on sustainable
financial practices. Migdad (2023) emphasized the vital role of Islamic microfinance as a
support system in high-risk regions like Palestine, where it provides essential financial
security and social protection. This underscores the importance of microfinance in helping
vulnerable populations in unstable environments. In another study, Mohd Zain et al. (2024)
proposed the integration of ESG principles with Maqasid Shariah to create more sustainable
takaful practices. This approach not only aligns takaful operations with Islamic ethical
principles but also promotes long-term sustainability by ensuring that these practices
contribute positively to society and the environment. Alsawady et al. (2023) explored the
concept of Islamic blended financing and its potential to enhance the effectiveness of waqf
projects. By combining various Islamic financial instruments, such as sukuk and waqf,
blended financing can significantly boost the social impact and sustainability of these
projects.
Besides, Akhter et al. (2023) highlighted the growing academic interest in the role of takaful
and waqf in promoting social welfare. This reflects a broader recognition of the importance of
Islamic financial practices in addressing social and economic challenges. The impact of
waqf-based microfinance on women’s empowerment during the COVID-19 pandemic was
examined by Irhoumah et al. (2023), who found that such financial support played a crucial
role in helping women overcome economic difficulties during the crisis. Similarly, Rochani et
al. (2024) discussed how waqf-based communal spaces can support the independence of
coastal communities, demonstrating the versatility of waqf in fostering community resilience.
Kılıç & Türkan (2023) emphasized the role of Islamic fintech in modernizing takaful
operations. By leveraging technological advancements, Islamic fintech can improve
accessibility, efficiency, and transparency in the takaful industry, making it more competitive
and responsive to contemporary challenges. However, Izza & Devi (2023) pointed out that
there is still a need to improve the operational efficiency of takaful. While significant
progress has been made, further efforts are needed to enhance customer satisfaction and
streamline takaful processes.
Additionally, Adriana et al. (2023) linked Islamic insurance, including takaful, to the
achievement of Sustainable Development Goals (SDGs) in developing countries. This
connection highlights the potential of Islamic finance to contribute to global development
objectives by providing inclusive financial services that promote economic growth and social
welfare. Tong et al. (2024) called for more research on the broader economic impact of
takaful. They emphasized the need for empirical studies to better understand how takaful can
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influence financial stability, customer behavior, and the overall economic environment,
especially in the face of global challenges.
As a whole, general takaful operates based on a risk-sharing model, where participants
contribute premiums into a pooled fund managed by a takaful operator. Claims are paid out
from this fund, ensuring financial protection while adhering to Islamic principles. In contrast,
waqf-takaful integrates a charitable component, where a portion of the contributions is
allocated to a waqf (endowment) fund that supports social causes, such as providing for
orphans, education, or healthcare upon the death of the participants. This integration makes
waqf-takaful distinct, as it combines financial protection with long-term social impact. The
role of agency managers in waqf-takaful is more complex than in general takaful because
they must educate customers not only about financial benefits but also about the religious and
social dimensions of waqf contributions.
The adoption of waqf-takaful faces several challenges. Regulatory barriers, including the lack
of standardized guidelines for waqf integration in takaful, slow down product approvals and
market expansion. Additionally, public awareness is low, as many potential policyholders are
unfamiliar with how waqf-takaful functions compared to conventional takaful.
Misconceptions about the role of waqf in financial products further hinder adoption. Unlike
general takaful, where marketing strategies focus on protection and investment, waqf-takaful
requires additional customer education to build trust and demonstrate both financial and
social benefits. To overcome these barriers, stronger marketing efforts, regulatory clarity, and
agency manager training programs are necessary.
This study’s conceptual framework outlines the key factors influencing the adoption of
waqf-takaful. The independent variables include agency managers’ product knowledge,
customer education, marketing strategies, and religious alignment, which are crucial in
shaping customer perception. The dependent variable is the successful adoption of
waqf-takaful products. Additionally, moderating factors, such as regulatory policies,
digitalization of financial services, and incentive structures for agency managers, influence
the effectiveness of these variables. This framework provides a structured approach to
analyzing the impact of agency managers in promoting waqf-takaful and addressing its
challenges.
3. Methodology
3.1 Research Design
This study employs a qualitative research design to explore the issues and challenges faced
by agency managers in driving the success of waqf-takaful death compensation products. The
qualitative approach was selected to gain in-depth insights from the informants’ experiences
and perspectives, enabling a thorough exploration of the factors influencing product success.
This approach also provides a comprehensive understanding of the nuanced factors affecting
the acceptance of these products, which cannot be fully captured through quantitative
methods alone.
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3.2 Data Collection Method
Data was gathered through in-depth interviews with eight agency managers from four
prominent takaful providers: Takaful Ikhlas Family Berhad, Zurich Takaful Malaysia Berhad,
Etiqa Family Takaful Berhad, and Hong Leong MSIG Takaful Berhad. The interview
questions focused on their experiences in promoting waqf-takaful, challenges encountered,
and strategies employed to increase customer acceptance. The selected informants
represented both urban and rural markets to provide a diverse perspective on waqf-takaful
adoption.
3.3 Sampling Technique
Purposive sampling was employed to select agency managers who are directly involved in
the promotion and management of waqf-takaful products. The study focused on managers
from both urban and rural areas in the Northern and Eastern regions of Malaysia to capture a
diverse range of perspectives, considering the varying levels of awareness and acceptance of
waqf-takaful products across different geographical regions.
This study utilizes purposive sampling to select informants, specifically agency managers
who are directly involved in managing waqf-takaful death compensation product. The sample
includes agency managers from takaful companies operating in the Northern and East Coast
regions of Malaysia. This geographic focus ensures that the study captures regional variations
in challenges and practices, providing a broader understanding of the issues at hand.
This study selected the four takaful providers based on their market share and product
offerings in waqf-takaful. The selected companies are among the leading providers in
Malaysia. Their established market presence ensures that insights are drawn from key
industry players actively involved in waqf-takaful. However, this selection may limit findings
to well-established firms rather than emerging market participants, which could influence the
generalizability of the results.
Table 1 is the list of informants involved in this study.
Table 1. List of Informants
Informants
Institutions
State
Region
Informant 1
Takaful Ikhlas Family Berhad
Perlis
North
Informant 2
Takaful Ikhlas Family Berhad
Penang
North
Informant 3
Zurich Takaful Malaysia Berhad
Kelantan
East Coast
Informant 4
Zurich Takaful Malaysia Berhad
Terengganu
East Coast
Informant 5
Hong Leong MSIG Takaful Berhad
Kedah
North
Informant 6
Etiqa Family Takaful Berhad
Perak
North
Informant 7
Zurich Takaful Malaysia Berhad
Pahang
East Coast
Informant 8
Zurich Takaful Malaysia Berhad
Kelantan
East Coast
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3.4 Data Analysis Method
Thematic analysis was used to categorize findings into key themes, aligning with previous
studies on takaful adoption barriers and agent roles. Interview transcripts were coded to
identify patterns in responses, ensuring a structured approach to analyzing agency managers’
experiences. This method provided deeper insights into how agency managers navigate
marketing challenges, customer education, and regulatory compliance in promoting
waqf-takaful.
3.5 Ethical Considerations
The study adheres to strict ethical guidelines to ensure the confidentiality and anonymity of
the informants. Informed consent is obtained from all interviewees, who are made aware of
the study’s purpose, their right to withdraw at any time, and how their data will be used.
Additionally, the data is securely stored and only accessible to the research team, ensuring the
privacy of the information shared during the interviews. The study also ensures that the
findings are reported accurately and without bias, maintaining the integrity of the research
process.
4. Results
The integration of waqf into takaful death compensation products represents a significant
innovation in the Islamic financial services sector. While waqf-takaful products have shown
promise, the question of whether agency managers play a pivotal role in driving their success
remains a key focus. This study highlights the critical influence of agency managers on the
adoption, promotion, and success of waqf-takaful products in Malaysia.
4.1 The Role of Agency Managers in Promoting Product Knowledge
One of the primary findings of this study is that agency managers are central to educating
potential customers about the waqf-takaful product. The findings reveal that agency managers’
ability to effectively communicate the unique value proposition of waqf-takaful—combining
financial protection with social responsibility—greatly influences customer acceptance. As
highlighted by the informants, many customers were initially unaware of how waqf could be
integrated into their takaful products, and it was the agency managers who bridged this
knowledge gap.
For instance, Informant 2 shared:
“Our role is not just to sell the product but to explain how waqf works and its dual
benefit—securing financial protection for the family and contributing to charity. Once
customers understand this, they are much more likely to adopt the product.” (Informant 2)
This aligns with previous literature, such as that by Abu Bakar et al. (2023a), which
underscores the importance of agency managers as knowledge gatekeepers who shape
customer perceptions and drive product acceptance. The study by Ali et al. (2019) also
emphasizes that effective communication from sales agents significantly increases the
likelihood of customers adopting complex Islamic financial products, including waqf-takaful.
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4.2 The Impact of Agency Managers on Overcoming Customer Skepticism
Despite the apparent benefits of waqf-takaful products, customers remain skeptical,
particularly about the integration of religious elements (waqf) into a financial product. Many
respondents expressed confusion about how waqf-takaful products reconcile religious giving
with financial protection. This challenge was particularly evident among older generations
who were more accustomed to traditional takaful models. As Informant 4 noted:
“For older customers, it’s hard to break the perception that takaful is only about financial
protection. Introducing waqf as a charitable component confuses them, and it’s our job to
explain how both can coexist.” (Informant 4)
Agency managers play a crucial role in dispelling such misconceptions. Their ability to
clarify how waqf can function within the framework of takaful, as both a religious duty and a
financial tool, is vital in overcoming customer resistance. This reflects the findings of
Rahman et al. (2019), which pointed to the importance of educating customers about how
waqf-takaful can enhance both personal and societal well-being. Agency managers who can
effectively address these concerns are key drivers of product adoption.
4.3 Overcoming Marketing and Promotional Challenges
The study also identified significant marketing challenges in promoting waqf-takaful
products. While there is a general understanding of the benefits of waqf-takaful, the lack of
targeted promotional efforts hinders the product’s reach. Informant 5 stated:
“We rely heavily on traditional marketing methods, but waqf-takaful products need a more
dynamic approach. It’s not enough to rely on word-of-mouth or conventional advertising. We
need to reach customers where they are—on social media, digital platforms, and even in
community-based settings.” (Informant 5)
This finding underscores the importance of modern marketing strategies in promoting
waqf-takaful products. According to research by Che Mohd Salleh et al. (2020), digital
platforms and social media have become essential tools for promoting Islamic financial
products, especially to younger generations who are more likely to engage with these
channels. The agency managers who are able to leverage these tools and build targeted
campaigns will likely contribute to a more successful adoption of waqf-takaful products.
4.4 The Need for Specialized Training for Agency Managers
Another critical insight from this study is the need for specialized training for agency
managers. Despite the potential benefits of waqf-takaful products, many agency managers
expressed a lack of sufficient training on the specific aspects of waqf and how it integrates
with takaful products. Informant 6 remarked:
“We need more in-depth training on waqf and its benefits. It’s a specialized concept, and
without proper understanding, it’s hard to sell the product confidently.” (Informant 6)
Training is essential for agency managers to become effective ambassadors of waqf-takaful
products. This need for better training aligns with findings from Ahmad et al. (2022), which
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emphasize that agents who are well-versed in the technical and religious aspects of Islamic
financial products are more likely to successfully engage customers. Agency managers who
can confidently explain the intricacies of waqf-takaful are more likely to overcome customer
reluctance and drive product adoption.
4.5 Regulatory Challenges and Agency Managers’ Role in Navigating Them
Regulatory challenges also emerged as a significant factor hindering the success of
waqf-takaful products. Agency managers highlighted the slow regulatory approval process
for new products, which delays and restricts marketing efforts. One informant shared:
“The regulatory process is a bottleneck. We can’t promote or sell the waqf-takaful product
effectively until it gets the green light, and that often takes months. This delay affects our
ability to meet market demand.” (Informant 1)
This challenge is consistent with findings by Saeed (2019), who noted that slow regulatory
approval can impede the growth of innovative Islamic financial products. Agency managers,
however, can mitigate this issue by staying well-informed about regulatory requirements and
effectively communicating the product’s benefits while awaiting approval. Their proactive
role in managing customer expectations during these delays is vital to maintaining customer
interest and satisfaction.
4.6 The Influence of Agency Managers on Customer Retention
The study revealed that agency managers play a critical role in retaining customers by
maintaining long-term relationships and offering personalized services. Several agency
managers emphasized the importance of staying in touch with customers even after they have
signed up for waqf-takaful products. As one manager shared:
“Customer retention is not just about selling the product. It’s about continuing the
relationship, offering periodic updates, and reminding them of the value of their contribution
to waqf. This creates loyalty and enhances satisfaction.” (Informant 5)
The findings are supported by Rahman et al. (2020), who pointed out that customer retention
strategies in the takaful industry are often underemphasized. Agency managers who invest in
ongoing communication and personalized services are more likely to foster customer loyalty,
contributing to the long-term success of waqf-takaful products.
4.7 Agency Managers as Bridge Between Religious and Financial Aspects
A recurring theme in the interviews was the role of agency managers in reconciling the
religious elements of waqf with the financial benefits provided by takaful. Several informants
highlighted the challenge of convincing customers that waqf, traditionally viewed as a
charitable concept, could coexist within a financial product. One manager emphasized:
“Our customers sometimes struggle to see how waqf fits into takaful, as they are used to
seeing it as just another insurance product. It’s our job to make them understand that it’s a
powerful way to fulfill their religious obligations while providing financial protection.”
(Informant 6)
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This finding resonates with literature by Ahmad et al. (2022), which suggests that one of the
key challenges in integrating waqf into takaful is overcoming customer perception issues.
Agency managers who can clearly explain the religious significance of waqf in conjunction
with the financial benefits of takaful products are likely to have more success in promoting
these products. Their role as educators and spiritual guides in this context is crucial for
bridging the gap between faith-based and financial perspectives.
4.8 The Need for Tailored Product Features to Meet Diverse Customer Needs
The study also found that the success of waqf-takaful products depends on tailoring the
product features to meet the varying needs of customers. Agency managers shared that
different customer segments, such as young professionals, older individuals, and government
employees, have different expectations from takaful products. One agency manager noted:
“For younger customers, the focus should be on the long-term charitable impact, while older
clients are more interested in the financial security aspect. If we can personalize the product
offerings to these preferences, it will drive more engagement.” (Informant 7)
These findings are in line with the research by Mansor et al. (2015), who highlighted the
importance of segmenting customers and providing tailored products to meet their unique
needs. Waqar et al. (2020) also suggested that takaful products need to adapt to diverse
customer profiles by offering flexible options. Agency managers, who understand these
nuances, can effectively market waqf-takaful products by aligning the features with the
customers’ expectations and needs.
4.9 The Role of Peer Influence in Driving Adoption
Another important insight from the interviews was the influence of peer recommendations on
the adoption of waqf-takaful products. Several informants noted that word-of-mouth and peer
recommendations play a significant role in convincing customers to subscribe to waqf-takaful
products. One agency manager shared:
“When a friend or family member recommends waqf-takaful, it’s easier for a new customer to
trust the product. We’ve seen that peer influence is a powerful tool in this market.”
(Informant 1)
This observation is supported by research from Ali et al. (2019), which emphasized the power
of social influence and trust within communities, especially in Islamic financial products. The
endorsement of a trusted peer can ease the uncertainty around adopting a relatively new
concept like waqf-takaful. Agency managers who are able to leverage this social
dynamic—by facilitating customer referrals or sharing success stories—can increase the
product’s adoption rate.
4.10 Enhancing Agency Manager Engagement Through Incentive Structures
Finally, agency managers highlighted the importance of incentives in motivating agents to
actively promote waqf-takaful products. One common theme in the interviews was that the
lack of clear incentives for selling waqf-takaful products contributed to a lower level of
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enthusiasm from some agents. As one informant noted:
“While we have incentive structures for traditional takaful products, waqf-takaful doesn’t
have the same level of rewards. This makes it harder to motivate agents to push this product,
especially since it’s a relatively new concept.” (Informant 3)
This insight suggests that takaful providers need to create more attractive incentive schemes
to motivate agents to prioritize waqf-takaful products. Research by Habibi & Yudha (2017)
indicates that well-structured incentives, including commissions, bonuses, or recognition
programs, can significantly enhance the sales performance of agents, particularly in niche
products like waqf-takaful. Providing stronger incentives for agency managers to promote
waqf-takaful could lead to greater enthusiasm, better sales outcomes, and faster product
adoption.
4.11 Summary of Key Findings
A summary of the key findings is provided in Table 2. These findings highlight the primary
factors influencing the adoption and success of waqf-takaful products.
Table 2. Summary of Key Findings
Theme
Key Findings
Product Knowledge
Essential for customer education and awareness.
Marketing Strategies
Social media engagement improves adoption and outreach.
Incentives
Financial and non-financial incentives drive agent motivation.
Regulatory Barriers
Delays in approval affect product rollout and market penetration.
The study highlights several critical factors influencing the adoption and success of
waqf-takaful products. One of the most significant findings is the role of product knowledge,
which is essential for customer education and awareness. Agency managers play a crucial
role in explaining the critical aspects of waqf-takaful, bridging the gap between financial
protection and religious values.
Marketing strategies also emerged as a key driver of adoption, with findings indicating that
social media engagement and digital marketing efforts significantly improve customer
outreach and product acceptance. This aligns with previous studies emphasizing the
importance of targeted marketing in Islamic financial products.
Another important factor is incentives for agency managers. Both financial and non-financial
incentives, such as commissions, recognition programs, and professional development
opportunities, were found to be crucial in motivating agents to actively promote waqf-takaful
products. This suggests that takaful providers should implement structured incentive
programs to enhance agent performance and commitment.
Lastly, regulatory barriers were identified as a major challenge, with delays in product
approval affecting market rollout and penetration. Addressing these regulatory challenges
through clearer policies and faster approval processes can significantly enhance the
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accessibility and adoption of waqf-takaful products.
5. Discussions
This study underscores the pivotal role of agency managers in the success of waqf-takaful
death compensation products. Agency managers are not just salespeople but also educators,
motivators, and bridges between religious values and financial products. Their influence on
customer acceptance is crucial as they drive understanding by educating potential customers,
overcoming skepticism, leveraging peer influence, and tailoring products to meet diverse
customer needs. However, significant challenges remain, particularly regarding marketing
efforts, product knowledge, and agent incentives. These obstacles can be mitigated through
targeted training, stronger incentive structures, and more effective promotional strategies. The
study suggests that waqf-takaful products could achieve wider adoption if agency managers
receive proper support, including enhanced training, better incentives, and a clearer
understanding of the product’s benefits and potential.
For agency managers, the findings indicate the importance of not only selling waqf-takaful
products but also educating clients on the dual benefits of these products—financial
protection and charitable contributions through waqf. Agency managers are crucial in
overcoming customer resistance, particularly in educating them about the integration of
religious elements in financial products. To strengthen their role, agencies should invest in
specialized training that includes both the financial and religious aspects of waqf-takaful. By
ensuring managers have a well-rounded understanding of the product, they will be better
equipped to address customer concerns and drive acceptance.
Furthermore, the study highlights the need for stronger incentives to motivate agency
managers to promote waqf-takaful products more actively. Many agency managers shared
concerns about the lack of attractive rewards for selling waqf-takaful, which diminishes their
enthusiasm. Takaful companies should implement performance-based bonuses, recognition
programs, or other reward mechanisms to enhance agent motivation and productivity.
Additionally, marketing strategies should be more dynamic, focusing on digital channels to
engage younger customers and leveraging community-based marketing to reach broader
segments of the population. Social media, mobile applications, and digital platforms can
provide more direct and targeted outreach, increasing awareness and encouraging product
adoption.
The study also finds that peer influence plays a significant role in driving customer adoption
of waqf-takaful products. Recommendations from family and friends often outweigh
traditional marketing efforts, making it important for agency managers to build strong referral
networks. Encouraging customers to refer others, coupled with a structured referral program,
can boost product uptake. Moreover, addressing regulatory delays and challenges in product
approval will also enhance market readiness and ensure timely promotion of waqf-takaful
products. Agency managers, through their engagement with regulators, can manage customer
expectations and help expedite product approval processes.
Lastly, customer retention is just as important as acquisition. Agency managers should not
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only focus on the initial sale but also maintain regular contact with clients to ensure ongoing
satisfaction with the waqf-takaful product. Offering educational workshops, periodic updates,
and personalized services can help build long-term loyalty and reduce churn. By focusing on
these strategies, takaful companies can ensure that waqf-takaful products reach their full
potential, ultimately contributing to greater financial inclusion and fulfilling social
responsibility goals in Malaysia.
The success of waqf-takaful death compensation products relies heavily on the role of agency
managers in bridging the gap between religious values and financial needs, educating
customers, and adapting their strategies to local market conditions. Addressing challenges
such as product knowledge, marketing, and agent incentives, while offering proper support to
agency managers, will enable takaful companies to drive wider acceptance and ensure the
sustainability of waqf-takaful products in the Malaysian market.
6. Conclusion
This study examines the role of agency managers in driving the success of waqf-takaful death
compensation products in Malaysia. The findings emphasize that agency managers are not
merely sales agents but play a multifaceted role as educators, motivators, and bridges
between religious and financial elements of waqf-takaful products. Agency managers
significantly impact customer acceptance through their ability to educate clients, address
skepticism, and tailor products to meet diverse customer needs. However, challenges persist,
particularly in areas of marketing efforts, product knowledge, and agent incentives, all of
which can be mitigated through targeted training, improved incentives, and enhanced
promotional strategies.
This study contributes to the growing body of knowledge on the role of agency managers in
the success of innovative Islamic financial products like waqf-takaful. By exploring the
intersection of religious and financial perspectives, the study sheds light on the unique
challenges and opportunities in promoting waqf-takaful products. The research highlights the
critical role that agency managers play in bridging these perspectives, ensuring product
acceptance, and overcoming skepticism surrounding the integration of waqf into takaful.
Furthermore, the study adds valuable insights into the practicalities of marketing waqf-takaful
products, focusing on the need for tailored training, stronger incentives, and a clearer
understanding of customer segments.
The findings offer a significant addition to the field of Islamic finance by demonstrating the
importance of agency managers in the wider adoption of waqf-takaful products. While
previous studies have examined the adoption of Islamic financial products, this research
specifically focuses on the role of agency managers in promoting a product that combines
charitable elements (waqf) with financial protection (takaful). The study provides actionable
recommendations for takaful companies on how to enhance product success, including
focusing on agent training, improving marketing efforts, and creating a more supportive
incentive structure for agency managers. It also highlights the need for better alignment
between product features and customer needs, particularly in addressing the diverse
demographic and socio-economic groups within Malaysia.
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Despite its valuable contributions, this study is not without limitations. One key limitation is
the relatively small sample size, which limits the generalizability of the findings to a broader
population. The study focuses on agency managers from selected takaful companies in
specific regions of Malaysia, which may not fully represent the diversity of perspectives and
challenges faced across the entire country. Additionally, the study relied on qualitative data
gathered from interviews, which, while rich in insights, may be subject to biases, such as
social desirability bias or recall bias.
Future research should expand the sample size and geographic coverage to include a more
diverse range of agency managers and takaful companies, thus enhancing the generalizability
of the results. Longitudinal studies could further explore how the role of agency managers
evolves over time and how their influence on product success changes with market conditions.
Additionally, future research could incorporate quantitative methods, such as surveys, to
measure the impact of agency manager training, incentives, and marketing strategies on
product adoption and customer satisfaction. Further studies might also explore the
perspectives of customers, regulators, and other key stakeholders to gain a more
comprehensive understanding of the factors influencing waqf-takaful product success.
In conclusion, this study highlights the critical role that agency managers play in the success
of waqf-takaful death compensation products in Malaysia. By addressing key challenges
related to training, incentives, and marketing, and by aligning products with customer needs,
takaful providers can enhance the adoption and long-term success of waqf-takaful products,
contributing to the broader goals of financial inclusion and social responsibility in Malaysia.
Acknowledgment
This research was supported by the UniSHAMS-FWD Takaful Berhad Industry Research
Grant, with a total funding of RM50,000.00, for the project titled “Acceptance and
Challenges of Waqf-Takaful Death Compensation Product in Malaysia”.
Authors contributions
Sukriah Ismail was responsible for conceptualization and the initial draft preparation. Dr.
Marina Abu Bakar supervised the research, validated the findings and reviewed and edited
the manuscript. Dr. Hanizan Shaker Hussain contributed to data collection, literature review
and thematic analysis. Mohamad Saufee Anuar handled data analysis, result interpretation
and manuscript formatting. Md Nasri Ali was involved in gathering resources for the
manuscript. Dr. Afiffudin Mohammed Noor managed the revisions and oversaw the final
manuscript. All authors have reviewed and approved the final version and take responsibility
for the integrity of the work.
Funding
This research was fully funded by FWD Takaful Berhad.
Competing interests
The authors declare that they have no conflict of interest related to this study.
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Informed consent
Obtained.
Ethics approval
The Publication Ethics Committee of the Macrothink Institute.
The journal’s policies adhere to the Core Practices established by the Committee on
Publication Ethics (COPE).
Provenance and peer review
Not commissioned; externally double-blind peer reviewed.
Data availability statement
The data that support the findings of this study are available on request from the
corresponding author. The data are not publicly available due to privacy or ethical
restrictions.
Data sharing statement
No additional data are available.
Open access
This is an open-access article distributed under the terms and conditions of the Creative
Commons Attribution license (http://creativecommons.org/licenses/by/4.0/).
Copyrights
Copyright for this article is retained by the author(s), with first publication rights granted to
the journal.
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