دانلود رایگان مقاله انگلیسی تکافل خانواده در توسعه کشورها: مورد بررسی در خاورمیانه و آفریقا شمالی (منا) - امرالد 2017

Abstract

Purpose: Using a sample of fifteen countries from the Middle East and North Africa (MENA), we investigate the driving forces (economics and socio-demographic) that influence family Takaful demand in MENA region. Design/methodology/approach: We use multivariate analysis, Bootstrapping and Generalised Method of Moments (GMM) techniques. We first examine a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. We further separate all models into linear and log-linear demand functions. Findings: We demonstrate that the relationship between the demand for family Takaful in MENA and Islamic banking deposits, education, dependency rate, female life expectancy and Muslim population is significantly positive. On the other hand, the significant factors that are inversely related to the demand for family Takaful in MENA are inflation, financial development and male life expectancy. Research limitation and implications: The crucial limitation of this study is the amount of data available in regards to our dependent variable, family Takaful contributions. Consequently, to improve the understanding in explaining the family Takaful demand in MENA, further research can take advantage of expanding the variables that were omitted in this research as a consequence of the unavailability of data. Some of the possible influential variables can include government social security expenditure, legal system and government policies, price of Takaful and level of competition within the Takaful and insurance industry. Originality/value: It is obvious that there are very few studies that focus on MENA market and indeed, none of them gives attention to the factors that influence demand for family Takaful. While this study is expected to provide more understanding and awareness on the concept of Takaful and the factors that influence its demand, we hope that it would encourage more studies on various issues on the Takaful industry so as to help researchers to understand more aspects of this new emerging business.

5. Conclusion

Although Takaful is still in its infancy, MENA region has shown great potential with illustrating staggering contributions in comparison to other regions. This indeed has encouraged us to understand the factors stimulating the demand for family Takaful in fifteen MENA-based counties over the period 2000 to 2012. We use various econometric techniques to estimate three different models: firstly, a full model that combines all factors; secondly, a model that controls for product market factors; and lastly, a model that controls for socio-demographic factors. All models are further separated into linear and log-linear demand functions.

We demonstrate that the relationship between the demand for family Takaful in MENA region and Islamic banking deposits, education, and dependency rate, male life expectancy and Muslim population is significantly positive. On the other hand, the significant factors that are inversely related to the demand for family Takaful in MENA regions are inflation, financial development and female life expectancy. Notably, income was proven not to be a significant factor in explaining the demand for family Takaful in MENA region.

The context of our key findings offers insights for the public, governments, regulators and policy makers interested in family Takaful in both the emerging and developed market setting. With regard to education and female life expectancy, our findings have important implications for the public in general, as they will show signs of better education and understanding in Takaful. In addition, females will also be aware of the advantages that Takaful offers in dealing with their income and life expectancy. It can give more spirit to them to work harder and enhance their income and have preference to protect and improve their live through mutual help and cooperative spirit. Regarding the Islamic financial institutional developments and Muslim population, policy maker and regulators should be more dedicated in supporting the developments of Takaful industry and Islamic financial institutions. They should be more active in enhancing public awareness and knowledge about Takaful product in order to attain good customers, retention, loyalty and Muslim population support. In terms of MENA region, members of boards of directors and the Financial Supervisory Authority and other regulators can benefit from the results when considering a new system to evaluate the optimal use of family Takaful.