Investigating Knowledge as a Possible Predictor of Purchase Intention among Muslims in Malaysia for Life Insurance and Takaful

Abstract

This study investigates the purchase intention of Muslim consumers in Malaysia towards life insurance and Takaful. It focuses on the relationships between attitude, social norms, perceived behavioural control and knowledge on purchase intention. The Theory of Planned Behaviour is utilized as the basis of the framework to examine the key determinants that would encourage Muslims to purchase life insurance and Takaful. Data was analyzed using Partial Least Squares. A total of 316 questionnaires was obtained from a distribution of 580 questionnaires in the Klang Valley. The study found that attitude, social norms, and perceived behavioural control are predictors of intention to purchase life insurance and Takaful. However, knowledge was not a significant predictor influencing Muslims to purchase life insurance and Takaful. The findings downplay the role of knowledge of unsought goods like life insurance and Takaful on the purchase intention among Muslims.