Role of Takaful in Supporting the Financial Well-Being of Muslim Elderly in Kano State: A Qualitative Study
DOI:
https://doi.org/10.61143/umyu-jafr.8(1)2025.023Keywords:
Takaful, elderly welfare, Islamic finance, financial inclusion, Kano StateAbstract
This qualitative study investigates the role of Takaful, a Shariah-compliant cooperative insurance model, in supporting the financial well-being of Muslim elderly (aged 60+) in Kano State, Nigeria. Data were collected through focus group discussions and key informant interviews with elderly participants, Takaful providers, Shariah scholars, and community leaders. Thematic analysis revealed that awareness and understanding of Takaful among the elderly is generally low, with many participants confusing it with conventional insurance. Religious values play a central role in shaping financial decisions, although cultural reliance on family and community support often reduces the perceived need for formal financial schemes. Participants also reported acute financial challenges, including income insecurity, high healthcare costs, and limited access to pensions. Furthermore, adoption is hindered by product complexity, trust deficits, and the lack of elderly-specific offerings; however, opportunities exist in mosque-based awareness campaigns, flexible payment options, and collaboration with religious leaders. The study concludes that Takaful has significant potential to reduce financial vulnerability among elderly Muslims if tailored to their socio-economic realities and integrated with existing Islamic social finance instruments. Recommendations include targeted financial literacy programs, simplified product design, and stronger community engagement to enhance trust, accessibility, and long-term sustainability.
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