Viability of Islamic Health Protection Retirement Plan (I-HPRP) among Malaysian public and private employees

Che Mohd Salleh, Marhanum and Abdullah, Nurdianawati Irwani and Chowdhury, Mohammad Abdul Matin and Che Embi, Nor Azizan and Kassim, Salina (2023) Viability of Islamic Health Protection Retirement Plan (I-HPRP) among Malaysian public and private employees. ISRA International Journal of Islamic Finance (IJIF), 15 (1). pp. 73-90. ISSN 0128-1976 E-ISSN 2289-4365

	PDF (Journal) - Published Version Restricted to Registered users only Download (1MB) | Request a copy
Preview	PDF - Supplemental Material Download (236kB) | Preview

Abstract

Purpose― The main objective of this research is to examine the viability of the proposed Islamic health protection retirement plan (i-HPRP) among public and private employees in terms of their perceived benefits, future commitment, and preferences. Design/Methodology/Approach― Quantitative research design is chosen to achieve the purpose of the research. A total of 498 Malaysians located in different states were surveyed, and partial least squares-structural equation modelling (PLS-SEM) analysis was conducted for data analysis. Findings― Results of the analysis indicate that most of the respondents believed that the suggested plan is viable in terms of the benefitsit provides and in line with their future commitment. In addition, both public and private employees have high interest in the proposed plan that appears to suit their retirement plans and health protection needs during that period. Originality/Value― This study structured an original illustrative retirement health protection plan to test its viability among public and private employees.Research Implications/Limitations― Results of this research are significant in proving that the suggested model of i-HPRP is attractive and would have positive acceptance among Malaysians once offered in the takāful(Islamic insurance) market. It would motivate takāfuloperators to develop this model as currently there are limited annuity takāfulproducts offered in the market

Item Type:	Article (Journal)
Uncontrolled Keywords:	Annuity takāful product, Islamic health protection retirement plan (iHPRP), Malaysian takāful market, Retirement planning, Savings behaviour
Subjects:	H Social Sciences > HG Finance > HG8719 Islamic Insurance Takaful H Social Sciences > HV Social pathology. Social and public welfare H Social Sciences > HV Social pathology. Social and public welfare > HV40 Social service. Social work. Charity organization and practice
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF) Kulliyyah of Economics and Management Sciences Kulliyyah of Economics and Management Sciences > Department of Finance
Depositing User:	Dr. Marhanum Che Mohd Salleh
Date Deposited:	27 Mar 2023 10:59
Last Modified:	24 Aug 2023 15:32
URI:	http://irep.iium.edu.my/id/eprint/104212

Actions (login required)

View Item