Analysis of Factors Influencing Public Preference for Waqf Products in Islamic Insurance: Evidence in Tasikmalaya City

Annas Syams Rizal, Bello Sani Yahuza, Setiawan Bin Lahuri, Ahmad Muqorobin

Abstract


This study assesses public interest in waqf insurance within Indonesia's Islamic life insurance sector, utilizing the Analytic Network Process (ANP) to evaluate awareness, trust, and perceptions. Qualitative data from interviews and document analysis supplement the ANP findings, offering a comprehensive understanding of public views. The study emphasizes the importance of innovative marketing strategies in promoting waqf insurance products, revealing that limited public awareness and understanding highlight the need for educational initiatives and targeted marketing. Trust and credibility also play a significant role in consumer decision-making in this niche market. The study suggests that improving public understanding, enhancing accessibility, and fostering trust through regulatory transparency are crucial for increasing participation in waqf insurance. Future study should focus on educational campaigns, transparent communication to build trust, and raise awareness of waqf insurance benefits.

Keywords


Waqf Insurance; Islamic Insurance; Cash-Waqf Linked Sukuk (CWLS); Analytic Network Process (ANP)

Full Text:

PDF

References


Abdullah, M. (2019). Waqf and trust: the nature, structures and socio-economic impacts. Journal of Islamic Accounting and Business Research, 10(4), 512–527. https://doi.org/10.1108/JIABR-10-2016-0124

Ahmad, R., Ali, M. N., Said, R., Abu Bakar, M., Abdul Manan, F. N., & Albasri, S. H. (2022). Introduction to Waqf –Takaful Compensation Model: Adopting the Maqasid Shariah Concept for Socio-Economic Development in Malaysia. International Journal of Academic Research in Business and Social Sciences, 12(8). https://doi.org/10.6007/IJARBSS/v12-i8/14680

Ahyani, H., Solehudin, E., Mutmainah, N., & Adnan, N. I. M. (2024). Integration of productive waqf in Sharia insurance: Enhancing investment and life protection. Review of Islamic Social Finance and Entrepreneurship, 169–183. https://doi.org/10.20885/RISFE.vol3.iss2.art5

Aisyah, L., Noval, M., & Darmawati, D. (2021). The Impact of Productive Waqf’s Implementation to the Development of Sharia Economics in South Kalimantan. Al-Tijary, 165–180. https://doi.org/10.21093/at.v6i2.3423

Arifin, S., Nugraha, A. A., & Sulistiyo, E. Y. (2021). Strategy to Improve Public Recognition of Insurance Waqf (Case Study of Allianz Sharia Insurance Waqf Feature Products). Journal Research of Social, Science, Economics, and Management, 1(6), 621–631. https://doi.org/10.36418/jrssem.v1i6.83

Batubara, C., Pujiyanti, L., & Syahriza, R. (2024). The Development Strategy of Waqf Insurance Benefits and Investment Benefits in Islamic Life Insurance PT. Takaful Medan Branch. International Journal of Economics Development Research (IJEDR), 5(1), 16–27. https://doi.org/10.37385/ijedr.v5i1.4304

Brožová, H., Šup, L., Rydval, J., Sadok, M., & Bednar, P. (2016). Information Security Management: ANP Based Approach for Risk Analysis and Decision Making. Agris On-Line Papers in Economics and Informatics, VIII(1), 13–23. https://doi.org/10.7160/aol.2016.080102

Cahyandari, R., Kalfin, Sukono, Purwani, S., Ratnasari, D., Herawati, T., & Mahdi, S. (2023). The Development of Sharia Insurance and Its Future Sustainability in Risk Management: A Systematic Literature Review. Sustainability, 15(10), 8130. https://doi.org/10.3390/su15108130

Cheron, C., Salvagni, J., & Colomby, R. K. (2022). The Qualitative Approach Interview in Administration: A Guide for Researchers. Revista de Administração Contemporânea, 26(4). https://doi.org/10.1590/1982-7849rac2022210011.en

Dakwah, M. M., Roodhi, M. N., Suprayetno, D., Kusmayadi, I., Abdurrahman, A., & Hammad, R. (2024). Determining a Digital Marketing Strategy Using a Combination of Analytical Network Process (ANP) and Profile Matching. Jurnal Bumigora Information Technology (BITe), 6(1), 47–58. https://doi.org/10.30812/bite.v6i1.4125

Darmawan, D. P. (2018). Analytic Network Process : Untuk Pengambilan Keputusan Dalam Lingkungan Bisnis Yang Kompleks. Expert, 115.

Dewi, M. P., & Nengsih, I. (2021). Development Strategy of Waqf through The Instrument of The Testament of Sharia Insurance Policy. Management and Economic Journal (MEC-J), 5(1), 89–102. https://doi.org/10.18860/mec-j.v5i1.10845

Fei, L. (2020). D-ANP: a multiple criteria decision making method for supplier selection. Applied Intelligence, 50(8), 2537–2554. https://doi.org/10.1007/s10489-020-01639-x

Hadi, E. F., Huzaini, M., & Hidayat, A. A. (2023). Factors Influencing the Interest of the Muslim Generation in Cash Waqf in West Nusa Tenggara Province. International Journal of Multidisciplinary Research and Analysis, 06(10). https://doi.org/10.47191/ijmra/v6-i10-21

Hakim, M. L., & Asiyah, S. (2020). Perkembangan Wakaf Asuransi Syariah di Indonesia Pasca Terbitnya Fatwa DSN-MUI No. l06 Tahun 2016. Islamic Review: Jurnal Riset Dan Kajian Keislaman, 9(2), 191–208. https://doi.org/10.35878/islamicreview.v9i2.223

Hidayat, A. A., Huzaini, M., & Ro’is, I. (2024). Minat Masyarakat Kota Mataram Berwakaf Uang Yang Dimoderasi Oleh Religiusitas. Jurnal Ilmiah Global Education, 5(1), 750–760. https://doi.org/10.55681/jige.v5i1.2512

Imaniyati, N. S., Firmansyah, A., Alamsyah, I. F., & Kamilah, A. (2024). The Function of Sharia Banks in Optimizing Waqf as the Integration of the Commercial Economy and Social Economy to Improve Public Welfare. KnE Social Sciences. https://doi.org/10.18502/kss.v9i24.16848

Iqbal, M. (2021). The Concept of Waqf in Sharia Insurance (Analysis Study of Life Insurance Participation in Financing Customers at Bank Sumsel Babel Sharia). Jurnal I-Philanthropy: A Research Journal On Management Of Zakat and Waqf, 1(1), 17–34. https://doi.org/10.19109/iphi.v1i1.9513

Jalaluddin, Majid, M. S. A., & Agustina, M. (2023). The Role of Waqf in Islamic Life Insurance: The Dual Benefits of Insurance and Investment in View of Fatwa of Indonesian Ulema Council. 2023 International Conference on Sustainable Islamic Business and Finance (SIBF), 271–275. https://doi.org/10.1109/SIBF60067.2023.10380044

Khamim, Asyharul Muala, & Muhammad Lutfi Hakim. (2023). Cash Waqf Linked Sukuk for Islamic Social Welfare and National Development: Evidence from Indonesia. Global Journal Al Thaqafah, 13(1), 16–34. https://doi.org/10.7187/GJAT072023-2

Kheybari, S., Rezaie, F. M., & Farazmand, H. (2020). Analytic network process: An overview of applications. Applied Mathematics and Computation, 367, 124780. https://doi.org/10.1016/j.amc.2019.124780

Kuswanto, D. H., Rahayu, Y. N., & Rohman, T. N. (2024). The Influence of Knowledge, Religiosity on Cash Waqf Interest in Trust Mediation. Jesya, 7(2), 1789–1799. https://doi.org/10.36778/jesya.v7i2.1710

Maulina, R., Dhewanto, W., & Faturohman, T. (2023). The integration of Islamic social and commercial finance (IISCF): Systematic literature review, bibliometric analysis, conceptual framework, and future research opportunities. Heliyon, 9(11), e21612. https://doi.org/10.1016/j.heliyon.2023.e21612

Medias, F., Rahman, A. A., Susamto, A. A., & Pambuko, Z. B. (2022). A systematic literature review on the socio-economic roles of waqf : evidence from organization of the Islamic cooperation (OIC) countries. Journal of Islamic Accounting and Business Research, 13(1), 177–193. https://doi.org/10.1108/JIABR-01-2021-0028

Moh Subhan. (2023). Wakaf Asuransi Syariah Perspektif Maqashid al-Shariah al-Ghazali. ASASI: Journal of Islamic Family Law, 3(2), 157–174. https://doi.org/10.36420/asasi.v3i2.284

Mu, E., Cooper, O., & Peasley, M. (2020). Best practices in Analytic Network Process studies. Expert Systems with Applications, 159, 113536. https://doi.org/10.1016/j.eswa.2020.113536

Muhammad Syafi’i. (2019). Metode Pengembangan Wakaf Tunai Menurut Pemikiran Monze Khaf. At-Tasharruf; Jurnal Kajian Ekonomi Dan Bisnis Syariah, I(Nomor 2), 110.

Mutiara, M., Beik, I. S., & Nur Widigdo, A. M. (2021). Optimizing Strategy for Land-Based Waqf Development in Indonesia. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 13(1), 67–86. https://doi.org/10.15408/aiq.v13i1.20571

Nana, A. (2016). A proposed marriage between endowments, mutual insurance and the institution of agency in Islamic law: an introduction to the waqf-wakalah model of takaful. In Takaful and Islamic Cooperative Finance. Edward Elgar Publishing. https://doi.org/10.4337/9781785363368.00013

Noble, H., & Smith, J. (2014). Qualitative data analysis: a practical example. Evidence Based Nursing, 17(1), 2–3. https://doi.org/10.1136/eb-2013-101603

Nour Aldeen, K., Ratih, I. S., & Sari Pertiwi, R. (2022). Cash waqf from the millennials’ perspective: a case of Indonesia. ISRA International Journal of Islamic Finance, 14(1), 20–37. https://doi.org/10.1108/IJIF-10-2020-0223

R. Bambang Budhijana. (2019). Pemanfaatan Analytical Network Process (ANP) dalam Manajemen Strategi Differensiasi Marketing Mix pada Asuransi Syariah/Takaful di Indonesia. Academia.Edu.

Rumaf, M. A. N. (2024). Societal Behavior Towards Islamic Insurance: A Sociological and Anthropological Perspective on Sharia Economic Law. Mu’amalah: Jurnal Hukum Ekonomi Syariah, 3(1), 129. https://doi.org/10.32332/muamalah.v3i1.8606

Rusydiana, A. S., & Devi, A. (2013). Analytic Network Process : Pengantar Teori dan Aplikasi. Smart Publishing.

Sabah, Ş., & Oflazoğlu, S. (2024). The relation between donation motivations and the meaning in life. Journal of Islamic Marketing, 15(5), 1232–1252. https://doi.org/10.1108/JIMA-09-2022-0251

Sevkli, M., Oztekin, A., Uysal, O., Torlak, G., Turkyilmaz, A., & Delen, D. (2012). Development of a fuzzy ANP based SWOT analysis for the airline industry in Turkey. Expert Systems with Applications, 39(1), 14–24. https://doi.org/10.1016/j.eswa.2011.06.047

Shaikh, S. A., Ismail, A. G., & Mohd Shafiai, M. H. (2017). Application of waqf for social and development finance. ISRA International Journal of Islamic Finance, 9(1), 5–14. https://doi.org/10.1108/IJIF-07-2017-002

Sugiyono. (2013). Metode Penelitian Kuantitatif, Kualitatif Dan R&D. Alfabeta Bandung.

Susiatin, S., & Haji-Othman, Y. (2023). Optimization of Cash Waqf Development Through Sharia Life Insurance. International Journal of Academic Research in Business and Social Sciences, 13(9). https://doi.org/10.6007/IJARBSS/v13-i9/18368

Syarif As’ad, Muhammad Safar Nashir, & Sahraman D. Hadji Latif. (2024). The Role of Islamic Financial Education in Encouraging Customer Investment Behavior in Islamic Banking in Yogyakarta, Indonesia. Journal of Islamic Economic and Business Research, 4(1), 60–78. https://doi.org/10.18196/jiebr.v4i1.225

Thakkar, J. J. (2021). Analytic Network Process (ANP). Studies in Systems, Decision and Control, 336(2), 63–82. https://doi.org/10.1007/978-981-33-4745-8_4

Torong, L. O. B., & Lubis, F. A. (2022). Pengaruh Pengetahuan terhadap Minat Masyarakat Berasuransi Syariah di PT Prudential Syariah Binjai. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 4(2). https://doi.org/10.47467/elmal.v4i2.1412

Utama, A. N. B., Setiawati, R., Suryani, A. I., & Efrina, L. (2024). Basic strategic planning in supporting financial management. International Journal of Research in Finance and Management, 7(1), 538–544. https://doi.org/10.33545/26175754.2024.v7.i1f.334

Wadi, D. A., & Nurzaman, M. S. (2020). Millennials Behaviour towards Digital Waqf Innovation. International Journal of Islamic Economics and Finance (IJIEF), 3(3). https://doi.org/10.18196/ijief.3232

Wibowo, I. A., & Rohman, I. K. (2024). Efforts to Increase Public Awareness of Sharia Insurance Products in Indonesia Through Management Functions. Kontigensi : Jurnal Ilmiah Manajemen, 12(1), 195–209. https://doi.org/10.56457/jimk.v12i1.509

Wu, C.-S., Lin, C.-T., & Lee, C. (2010). Optimal marketing strategy: A decision-making with ANP and TOPSIS. International Journal of Production Economics, 127(1), 190–196. https://doi.org/10.1016/j.ijpe.2010.05.013

Yati, A. (2024). The Effect of Islamic Financial Socialization and Education on Public Interest in Using Islamic Banking Services. Nomico, 1(4), 29–41. https://doi.org/10.62872/a36kga52

Yusoff, H., Kamaruddin, M. I. H., Muhamed, N. A., & Darus, F. (2021). Corporate waqf: Discovering the primary challenges. The Journal of Muamalat and Islamic Finance Research, 96–110. https://doi.org/10.33102/jmifr.v18i2.373

Zainta, S. Y., & Aslami, N. (2022). Hambatan-Hambatan yang Dialami Perusahaan Asuransi Syariah Dalam Memasarkan Produknya. Transformasi Manageria: Journal of Islamic Education Management, 2(1), 36–50. https://doi.org/10.47467/manageria.v2i1.860

Zauro, N. A., Saad, R. A. J., Ahmi, A., & Mohd Hussin, M. Y. (2020). Integration of Waqf towards enhancing financial inclusion and socio-economic justice in Nigeria. International Journal of Ethics and Systems, 36(4), 491–505. https://doi.org/10.1108/IJOES-04-2020-0054




DOI: https://doi.org/10.18860/miec.v4i2.30021

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Editorial Office:
Megawati Soekarnoputri Building
Faculty of Economics
Jln. Gajayana 50 Telp (0341) 558881
E-mail: m-iecjournal@uin-malang.ac.id
UIN Maulana Malik Ibrahim Malang

Member of:

 

Indexed by:

          

Creative Commons License

Maliki Islamic Economics Journal under a CC BY SA 4.0 International License.

View My Stats