The application of The UTAUT model in measuring usage intention of Takaful apps in Malaysia
List of Authors
  • Noor Raudhiah Abu Bakar , Siti Hawa Radin Eksan

Keyword
  • Fintech, Takaful, App, UTAUT Model

Abstract
  • Fintech does not only assist the banking, insurance, and capital markets. Islamic social finance such as zakat, ṣadaqah, and waqf is also expanded at a better level. Fintech in the Islamic finance space positively contributes to the development of Islamic finance products and services including Takaful. The growth of technology is undeniable since it proves that the world embraces the advantages of technology and innovation at various levels and purposes, especially in app usage on a daily basis. The Takaful industry also has changed its approaches to serve better to their client better by using apps to ease client policy or premium. This quantitative paper aims to examine client behavioral intention for takaful apps based on Unified Theory of Acceptance and Use of Technology (UTAUT) model. A total of 100 respondents were collected using convenience sampling. Expected from this study is useful in providing insight for a better understanding of the respondent behavior towards the takaful application usage.

Reference
  • 1. Abbad, M.M.M. Using the UTAUT model to understand students’ usage of e-learning systems in developing countries. Educ Inf Technol 26, 7205–7224 (2021). https://doi.org/10.1007/s10639-021-10573-5 2. Abd Razak, S. A. (2016). Combination of contracts in Islamic finance. ISRA International Journal of Islamic Finance, 8(2), 51–77. https://journal.inceif.org/index.php/ijif/article/download/227/198 3. Abdullah, E. M. E., Rahman, A. A., & Rahim, R. A. (2018). Adoption of financial technology (Fintech) in mutual fund/ unit trust investment among Malaysians: Unified Theory of Acceptance and Use of Technology (UTAUT). International Journal of Engineering and Technology (UAE), 7(2), 110–118. DOI: https://doi.org/10.14419/ijet.v7i2.29.13140 4. Atif, M., Hassan, M. K., Rabbani, M. R., & Khan, S. (2021). Islamic Fintech: The Digital Transformation Bringing Sustainability to Islamic Finance. Routledge; Abingdon, UK. 5. Bohnert, A., Fritzsche, A., & Gregor, S. (2019). Digital agendas in the insurance industry: the importance of comprehensive approaches. The Geneva Papers on Risk and Insurance – Issues and Practice, 44, 1-19. DOI: https://doi.org/10.1057/s41288-018-0109-0 6. Eling, M., & Lehmann, M. (2018). The Impact of Digitalization on the Insurance Value Chain and the Insurability of Risks. The Geneva Papers on Risk and Insurance – Issues and Practice, 43, 359-396. DOI: https://doi.org/10.1057/s41288-017-0073-0 7. Gault, F. (2018). Defining and measuring innovation in all sectors of economy. Research Policy, 47(3), 617–622. DOI: https://doi.org/10.1016/j.respol.2018.01.007 8. Hashim, Y. A. (2010). Determining Sufficiency of Sample Size in Management Survey Research Activities. International Journal of Organisational Management & Entrepreneurship Development, 6(1), 119-130. 9. Hassan, H. A. (2020). Takaful Models: Origin, Progression and Future. Journal of Islamic Marketing, 11(6), 1801-1819. DOI: https://doi.org/10.1108/JIMA-04-2018-0078 10. Hassan, M. K., Rabbani, M. R., & Mohd Ali, M. A. (2020). Challenges for the Islamic Finance and banking in post COVID era and the role of Fintech. Journal of Economic Cooperation and Development, 41(3), 93-116. 11. Hussain, F. N., & Mohd Noor, A. (2018). An Assessment of Customer’s Preferences on The Selection of Takaful Over Conventional: A Case of Saudi Arabia. Tazkia Islamic Finance and Business Review (TIFBR), 12(1), 33-60. http://tifbr-tazkia.org:80/index.php/TIFBR/article/download/147/125 12. Krejcie, Robert, V., Morgan, & Daryle, W. (1970). Determining Sample Size for Research Activities. Educational and Psychological Measurement. 13. Lyskawa, K., Kędra, A., Klapkiv, L., & Klapkiv, J. (2019). Digitalization in Insurance Companies. In International Scientific Conference: Contemporary Issues in Business, Management and Economics Engineering, 842-852. https://doi.org/10.3846/cibmee.2019.086 14. Md Husin, M., & Haron, R. (2020). Takāful demand: a review of selected literature. ISRA International Journal of Islamic Finance, 12(3), 443-455. DOI: https://doi.org/10.1108/IJIF-03-2019-0046 15. Md Husin, M., Ismail, N., & Rahman, A. A. (2016). The roles of mass media, word of mouth and subjective norm in family takaful purchase intention. Journal of Islamic Marketing, 7(1), 59-73. DOI: https://doi.org/10.1108/JIMA-03-2015-0020 16. Montanaro E. (2010). Islamic Banking: A Challenge for the Basel Capital Accord. In Islamic Banking and Finance in the European Union: A Challenge, Fahim Kahn, M. & Porzio, M. (Eds.), 112-127. Edward Elgar Publishing Ltd., Cheltenham, UK. https://doi.org/10.4337/9781849803410.00017 17. Marikyan, D. & Papagiannidis, S. (2023) Unified Theory of Acceptance and Use of Technology: A review. In S. Papagiannidis (Ed), TheoryHub Book. Available at https://open.ncl.ac.uk / ISBN: 9781739604400 18. Muneem, A., Rosele, M. I., Binti Abdul Rahman, N. N., & Ali, A. K. (2022). The Digital Transformation of Zakat Management in Malaysia and Its Development. International Conference of Zakat, 437-448. https://doi.org/10.37706/iconz.2021.287 19. Naujoks, H., Mueller, F., & Kotalakidis, N. (March 20, 2017). Digitalization in Insurance: The Multibillion Dollar Opportunity. Bain & Company. Retrieved from https://www.bain.com/insights/digitalization-in-insurance 20. Nurmahmudah, E., & Nuryuniarti, R. (2020). Google forms utilization for student satisfaction survey towards quality of service at Universitas Muhammadiyah Tasikmalaya. Journal of Physics: Conference Series, 1477, 022003. DOI: https://doi.org/10.1088/1742-6596/1477/2/022003 21. Rabbani, M. R., Bashar, A., Nawaz, N., Karim, S., Ali, M. A. M., Rahiman, H. U., & Alam, M. S. (2021) Exploring the Role of Islamic Fintech in Combating the Aftershocks of COVID-19: The Open Social Innovation of the Islamic Financial System. Journal of Open Innovation: Technology, Market, and Complexity, 7(2), 136. https://doi.org/10.3390/joitmc7020136 22. Radwan, M., Calandra, D., & Koumbarakis, P. (2020). Takaful Industry and Blockchain: Challenges and Opportunities for Costs’ Reduction in Islamic Insurance Companies. European Journal of Islamic Finance, 1–6. https://doi.org/10.13135/2421-2172/4926 23. Sekaran, U. 2003. Research Methods for Business A SkillBuilding Approach. 4th edition. New York: John Wiley & Sons 24. Tak, P. and Panwar, S. (2017), "Using UTAUT 2 model to predict mobile app based shopping: evidences from India", Journal of Indian Business Research, Vol. 9 No. 3, pp. 248-264. https://doi.org/10.1108/JIBR-11-2016-0132 25. Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly, 27(3), 425–478. https://doi.org/10.2307/30036540 26. Venkatesh, V., Thong, J. Y. L., & Xu, X. (2012). Consumer Acceptance and Use of Information Technology: Extending the Unified Theory of Acceptance and Use of Technology. MIS Quarterly, 36(1), 157-178. https://doi.org/10.2307/41410412