Analysis of Financial, Socio-Demographic, Religious Factors in Determining the Family Takaful Demand Analysis

Abstract

This study is about the analysis of Financials, Socio-Demographic, and Religious Adherence in determining the Family Takaful demands, In case of Pakistan. Family Takaful is the process of Islamic Sharia Compliance rules for family insurance with eliminating the factor of interest in it. The aim of the study is to find the relation of different factors for Family Takaful Demand analysis. Three different aspects namely, Religious Aspects, Socio-Demographic aspects, and financial aspects are taken under consideration. For Religious aspects Religious Adherences is taken. For Socio-Demographic Aspects, the Income, Age and Education factors are taken. And for Financial aspects, the Interest, Inflation and Unemployment is taken as measure. The data is mix of primary and secondary in nature. The collected data is analyzed through statistical measures. The findings revealed that the Religious adherence is positively associated with the Family Takaful Demand indicating that increase in religious adherence resulting in increase in demand for the Family Takaful. The findings of the Socio-demographic aspects revealed that the factors such as Income level, Education, and Age are positively correlated with the demands for Family Takaful. On the other hand financial measures such as Inflation rate, unemployment rate and interest rates are negatively associated with the demands for Family Takaful. The results are found significant with the previous studies.