Wakalah is one of the business models in Takaful that is currently applied by all Takaful operators in Malaysia. In Wakalah, the utilization of principal-agent relationships are more than its physical term and conditions in the agency contract. How do principal-agent relationships in Wakalah works in Takaful? How do these relationships connected to marketing of Takaful products and services to public? How does the relationships form a tool of relationship marketing (RM)? Therefore, this paper attempts to achieve two aims. The first aim is to identify the form of RM in Takaful through Wakalah Model. Secondly, to analyze the implementation of RM in Takaful through Wakalah model. The methods used are document research and analyzed with qualitative content analysis. The findings show that there are two forms of RM namely internal RM and external RM that are embedded in the principal-agent relationships of Takaful and can be used as a tool to attract potential prospects and existing customers to participate in Takaful.
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In-Text Citation: (Yusoff, 2018)
To Cite this Article: Yusoff, M. (2018). Implementation of Relationship Marketing in Takaful through Wakalah Business Model. International Journal of Academic Research in Business and Social Sciences, 8(12), 98–107.
Copyright: © 2018 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
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