Indicators of Takaful awareness among Kuwaitis

Abstract

This research examines the awareness of takaful among Kuwaitis. It endeavours to determine any significant differences and conformities between demographic variables and the four aspects of awareness concerning general information, the features oftakaful, shari`ah compliances and motives of takaful. The research adopted a quantitative research design. Descriptive, t-test, ANOVA and discriminant were employed to analyze the data collected via questionnaires. The research sample consisted of a total of 640 Kuwaitis from which 52% of the participants have not heard of takaful despite the existence of 12 takaful operators in Kuwait. More than 60% of the participants were unsure as to how a portion of their contributions would be invested, i.e. would it be shari` ah compliant or not. In addition, two-thirds of the respondents were unaware that they were eligible to receive part of the surplus, if any. This research offers context specific indicators for the development of takaful in Kuwait and highlights the areas in which the industry can develop.