Decomposing the theory of planned behaviour and incorporating spiritual intelligence to further understand purchase intention of life insurance and takaful

• Published in: International Journal of Economic Research
• Main Author: Nasir N.F.; Roslin R.M.; Chui C.B.
• Format: Article
• Language: English
• Published: Serials Publications 2017
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045783001&partnerID=40&md5=c9970119c521068ae834e321ac0feab5

This conceptual paper examines Muslim consumers’ intention to participate in the purchase of life insurance and Takaful using the Decomposed Theory of Planned Behaviour (DTPB). Although generally, conventional life insurance is regarded as non-shariaah compliant by Muslims, the numbers who are still doubtful of Takaful products are still substantial as indicated by past studies and the numbers of Muslims who are still drawn to conventional life insurance is still relatively high. Thus, a review of literature on how spiritual intelligence may influence the selection of Takaful products and conventional life insurance is in place. This paper reviews how the decomposition of the theory of planned behavior relates to the purchase intention of life insurance and Takaful given that spiritual intelligence may be a moderating factor influencing behavior and purchase intention. The review from the literature showed that participating in life insurance or Takaful may not only be affected by attitude, subjective norm, and perceived behavioural control but also by financial literacy together with a moderating factor of spiritual intelligence. Given that Takaful products are under the category on unsought goods, the purchase behavior of Muslims toward such products may extend further the understanding in the consumer behavior literature. © Serials Publications Pvt. Ltd.