Investigating the Key Drivers of Islamic Insurance in Morocco: A Structural Equation Modeling Analysis

While Islamic banking products continue to exhibit substantial growth in several predominantly Muslim nations, their market penetration remains limited in other majority Muslim regions (i.e., Morocco). This paper aims to elucidate the key factors influencing consumers’ attitudes and intentions to embrace Takaful insurance products among Moroccan consumers. To achieve this goal, we propose and test an integrated framework that combines the Diffusion of Innovation theory (DOI) and the Theory of Planned Behavior (TPB). Through the administration of an online self-administered questionnaire, data was collected from 210 Moroccan respondents and analyzed using Partial Least Squares Structural Equation Modeling. Our findings reveal that Moroccans’ attitude toward adopting Islamic insurance is predominantly influenced by perceived risk, religiosity, awareness, reputation, and trust. Still, subjective norms and perceived complexity were found to exert no impact on the attitude toward Takaful adoption. Our results also indicate that trust serves as a mediator in the relationship between attitude and consumers’ intention to adopt Takaful, while gender and age had no moderating effect in this connection. This study represents is the first of its kind to discover the factors shaping Takaful adoption in Moroccan and North Africa.