An Awareness Model for an Islamic Pre-Need Funeral Plan
Journal Title: GATR Journal of Finance and Banking Review - Year 2019, Vol 4, Issue 2
Abstract
Objective - Failure to prearrange one's funeral may lead to financial hardship on one's family members. Despite the importance of a funeral plan, little is known regarding the awareness level among Muslims regarding the Islamic Pre-need Funeral Plan (IPFP). Because of the dearth of academic research on the awareness among Muslims regarding IPFP, this paper aims to assess the awareness level of Muslims regarding IPFP and to develop an awareness model that frames factors affecting IPFP awareness level. Methodology/Technique - To achieve this, a questionnaire was used to collect the data and PLS-SEM was used to analyse the data. Results show that the level of awareness regarding IPFP is low and is similar to the result found in the USA Finding - The results further show that marketing communication efforts and social influence are significant factors affecting awareness of IPFP. These results have practical implications for IPFP providers and should help them better market their products and mitigate the potential for financial hardship funeral costs may have on families. Novelty - The scarcity of land for burial plots, soaring funeral costs and an increasingly aging population rate necessitates funeral prearrangements by subscribing to a pre-need funeral plan. This prearrangement is an advanced financial provision that covers funeral and burial expenses by enabling subscribers to make funeral arrangements while they are still alive.
Authors and Affiliations
Maheran Katan, Nasreen Miza Hilmy Nasrijal, Abd Halim Mohd Noor, Norajila Che Man
Keywords
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- EP ID EP618455
- DOI 10.35609/jfbr.2019.4.2(1)
- Views 113
- Downloads 0
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