Investment Decisions and Performance of Islamic Insurance Industry in Nigeria (A Case Study of Noor Takaful Insurance Limited Nigeria)
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Date
2024-12
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Lead City University, Ibadan
Abstract
Takaful insurance, an Islamic-based cooperative insurance system that operates on the principles of mutual risk-sharing and Shariah compliance, offers an alternative to conventional insurance, especially for the nation’s Muslim population. This study examined investment decisions and performance of Islamic insurance industry in Nigeria (a case study of Noor Takaful insurance limited Nigeria).The study adopted an Ex-post facto research design. The population of the study are customers of NOOR Takaful Insurance company, Lagos. A total number of 400 respondents were selected as the sample size for this study using Taro Yamane formula. A research questionnaire was developed as research instrument for data collection. The study made use of convenience sampling method. The data collected was analyzed using Statistical Package for
Social Sciences (SPSS) version 25.0. Findings revealed that investment decision significantly influenced performance of Islamic insurance industry in Nigeria [(R2 = .062; F (1,399) = 26.095; p < .05)]. Accounting for about 6.2% of the variance observable in performance of Islamic insurance industry. Also, public awareness significantly influenced growth of Islamic Insurance companies [(R 2 = .029; F (1,399) = 11.855; p < .05)]. Furthermore, a significant moderating effect of religion on the interaction between investment decision and performance of Islamic Insurance was established with p-value = 0.031. The study recommends the need to increase awareness and understanding of Islamic insurance products among consumers and stakeholders through targeted marketing and educational campaigns.
Keywords: Insurance, Investment Decision, Performance, Shariah, Takaful,
Word Count: 242
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Keywords
Insurance, Investment Decision, Performance, Shariah, Takaful
Citation
Kate Turabia