Transforming Family Takaful: The Role of Blockchain and Fintech

The current study examines the role of Fintech and Blockchain in promoting family takaful products. Further, this study aims to explore the trust of family takaful customers using Fintech and Blockchain, to explore the relationship of the variables above by systematically reviewing the literature and selecting the 50 most recent studies from Google scholars and Scopus journals. Based on the review, this study found that FinTech contributes to the industry’s need for innovation and simplification, fostering longer-term acceptance and growth by offering streamlined administrative processes including policy issuance, and claims management, leading to faster and more transparent transactions for policyholders. Blockchain enables family takaful operators to better understand customer needs and preferences, allowing for the development of tailored and Sharia-compliant alternatives to conventional insurance solutions. Blockchain’s core attributes of transparency, control, security, and real-time information are helping the Islamic finance industry in general and family takaful in particular to compete.