Dynamic In Family Takaful Product Offerings for Senior Citizens: Exploring the Potential of Integration Between Takaful and Banking Product

Abstract

This research will explore how the banking products can be creatively integrated for the utmost protection for the elderly certificate holder and at the same time allowing them to remove the financial hardship through guaranteed income protection during this critical phase of life. In addressing the research questions and meeting the objectives, this study employs a qualitative research methodology by conducting literature review by studying primary and secondary references from academic papers, books and article related to the topic of this research. In addition to the textual analysis, researchers have also conducted non-structured interviews and discussions with stakeholders of one of the Takaful Operator (TO) which are representatives from Product Development, Legal, Appointed Actuary and Compliance Division. As a result, the study proposes three structural models, evaluating their strengths and weaknesses, with the aim of ensuring a reliable income stream post-retirement. After analyzing the proposals and considering the common key challenges and comparisons, researchers acknowledge the pros and cons of the proposals. However, it is evident that the third proposal offers the most advantages for all related parties which are the senior citizens, TO and banks.