2022_A National Family Micro Takāful Scheme Framework for Low-Income People in Nigeria
| Format: | General Document |
|---|
| _version_ | 1860798129723408384 |
|---|---|
| building | INTELEK Repository |
| collection | Online Access |
| collectionurl | https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection3 |
| copyright | Copyright©PWB2025 |
| country | Malaysia |
| date | 2022-05-12 |
| format | General Document |
| id | 16080 |
| institution | UniSZA |
| originalfilename | A NATIONAL FAMILY MICRO TAKĀFUL SCHEME FRAMEWORK FOR LOW-INCOME PEOPLE IN NIGERIA (MASTER_2022).pdf |
| person | Murtala Muhammad Sha’aban |
| recordtype | oai_dc |
| resourceurl | https://intelek.unisza.edu.my/intelek/pages/view.php?ref=16080 |
| sourcemedia | Server storage Scanned document |
| spelling | 16080 https://intelek.unisza.edu.my/intelek/pages/view.php?ref=16080 https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection3 General Document Malaysia Library Staff (Top Management) Library Staff (Management) Library Staff (Support) Terengganu Faculty of Business and Management English application/pdf 1.5 Nigeria Server storage Scanned document Universiti Sultan Zainal Abidin UniSZA Private Access Universiti Sultan Zainal Abidin SAMBox 2.3.4; modified using iTextSharp™ 5.5.10 ©2000-2016 iText Group NV (AGPL-version) Copyright©PWB2025 205 2022-05-12 A NATIONAL FAMILY MICRO TAKĀFUL SCHEME FRAMEWORK FOR LOW-INCOME PEOPLE IN NIGERIA (MASTER_2022).pdf Murtala Muhammad Sha’aban National Family Micro Takāful Scheme Low-Income People Low-income families—Nigeria—Economic conditions Microinsurance Islamic insurance Insurance—Law and legislation Takaful—Nigeria 2022_A National Family Micro Takāful Scheme Framework for Low-Income People in Nigeria The Nigerian National Bureau of Statistics (NBS) recorded 55% of Nigerians lived beneath the poverty line, about 35% lived in the middle-income group, and only 10% lived in the high-income group. Also, the low incidence of savings in the low-income group significantly impacted their financial position. Low-income people often fall victim to a lack of financial assistance, large amounts of debt, and poor health. A family member’s death caused by long-term illness due to road accidents and other causes is a shock for low-income people who often spend most of their lifetime surviving. The unavailability of Islamic commercial products in the first place could be one of the reasons for this situation. A way to protect against the economic sanction is to have the Family Micro Takāful Scheme (FMTS). On the other hand, family Takāful and life insurance penetration statistics since 2019 show that only 45% of Nigerians have a family Takāful or are covered by life insurance, while 55% of Nigerians are without such protection. This scenario suggests that a significant percentage of uninsurable Nigerians may come from low-income groups. If suffering any form of an unexpected death, disability, old age, or deterioration in health, they would not have financial support in their lifetime. This reasoning proves that the Family Micro Takāful scheme should be introduced and developed to benefit all Nigerians. A mixed-method approach was employed in this research, in which survey questionnaires and semi-structured interviews were used as tools for data collection. The data were gathered from a sample of 171 low-income people. Additionally, Takāful operators, government officers, and Shari’ah scholars were also interviewed. The Statistical Package for Social Science (SPSS) was used for quantitative analysis and ATLAS.Ti Version (7.5) Software for Qualitative Analysis. The findings stated that poor (low-income) people could contribute Takāful products supplied by Takāful operators,microfinance institutions (MFIs), and Non-governmental organisations (NGOs). Additionally, the Zakāt could also be used as the source of funds; Tabarru’ stands as the best scheme contract; IFIs compliance mechanisms. The research study showed the potential of the Micro Family Takāful scheme in Nigeria. For low-income people, this study offers a framework for understanding Family Micro Takāful and provides the government and Takāful operators with useful information to establish the Family Micro Takāful scheme to maintain the financial well-being of low-income people in Nigeria. The governments and NGOs will also need to promote the scheme based on the results obtained. Finally, the study encourages the Nigerian government, nongovernmental and Takāful operators to support the Family Micro Takāful Scheme. Dissertations, Academic Thesis |
| spellingShingle | 2022_A National Family Micro Takāful Scheme Framework for Low-Income People in Nigeria |
| state | Terengganu |
| subject | Low-income families—Nigeria—Economic conditions Microinsurance Islamic insurance Insurance—Law and legislation Takaful—Nigeria Dissertations, Academic |
| summary | The Nigerian National Bureau of Statistics (NBS) recorded 55% of Nigerians lived beneath the poverty line, about 35% lived in the middle-income group, and only 10% lived in the high-income group. Also, the low incidence of savings in the low-income group significantly impacted their financial position. Low-income people often fall victim to a lack of financial assistance, large amounts of debt, and poor health. A family member’s death caused by long-term illness due to road accidents and other causes is a shock for low-income people who often spend most of their lifetime surviving. The unavailability of Islamic commercial products in the first place could be one of the reasons for this situation. A way to protect against the economic sanction is to have the Family Micro Takāful Scheme (FMTS). On the other hand, family Takāful and life insurance penetration statistics since 2019 show that only 45% of Nigerians have a family Takāful or are covered by life insurance, while 55% of Nigerians are without such protection. This scenario suggests that a significant percentage of uninsurable Nigerians may come from low-income groups. If suffering any form of an unexpected death, disability, old age, or deterioration in health, they would not have financial support in their lifetime. This reasoning proves that the Family Micro Takāful scheme should be introduced and developed to benefit all Nigerians. A mixed-method approach was employed in this research, in which survey questionnaires and semi-structured interviews were used as tools for data collection. The data were gathered from a sample of 171 low-income people. Additionally, Takāful operators, government officers, and Shari’ah scholars were also interviewed. The Statistical Package for Social Science (SPSS) was used for quantitative analysis and ATLAS.Ti Version (7.5) Software for Qualitative Analysis. The findings stated that poor (low-income) people could contribute Takāful products supplied by Takāful operators,microfinance institutions (MFIs), and Non-governmental organisations (NGOs). Additionally, the Zakāt could also be used as the source of funds; Tabarru’ stands as the best scheme contract; IFIs compliance mechanisms. The research study showed the potential of the Micro Family Takāful scheme in Nigeria. For low-income people, this study offers a framework for understanding Family Micro Takāful and provides the government and Takāful operators with useful information to establish the Family Micro Takāful scheme to maintain the financial well-being of low-income people in Nigeria. The governments and NGOs will also need to promote the scheme based on the results obtained. Finally, the study encourages the Nigerian government, nongovernmental and Takāful operators to support the Family Micro Takāful Scheme. |
| title | 2022_A National Family Micro Takāful Scheme Framework for Low-Income People in Nigeria |
| title_full | 2022_A National Family Micro Takāful Scheme Framework for Low-Income People in Nigeria |
| title_fullStr | 2022_A National Family Micro Takāful Scheme Framework for Low-Income People in Nigeria |
| title_full_unstemmed | 2022_A National Family Micro Takāful Scheme Framework for Low-Income People in Nigeria |
| title_short | 2022_A National Family Micro Takāful Scheme Framework for Low-Income People in Nigeria |
| title_sort | 2022_a national family micro takāful scheme framework for low-income people in nigeria |