Does microtakaful improve the financial status of women small-entrepreneurs? An insight from Malaysian B40 women’s entrepreneurship

Purpose This paper aims to investigate whether Microtakaful has the potential to alleviate the financial situation of Malaysian B40 women entrepreneurs, who face significant financial constraints and vulnerability due to limited resources and a lack of risk management knowledge. Design/methodology/approach This qualitative study uses semi-structured interviews with B40 women entrepreneurs to explore their experiences. The data is analyzed using NVivo software to identify and visualize themes emerging from the interviews. Findings The study identifies Microtakaful as an essential instrument for mitigating the financial challenges faced by B40 women entrepreneurs. It also highlights the need for segment-specific Microtakaful products with features tailored to their unique requirements. Research limitations/implications The findings contribute to the literature on financial inclusion by providing evidence on how Microtakaful can empower economically disadvantaged women entrepreneurs and foster a more inclusive financial system. Practical implications The results offer actionable insights for financial institutions and policymakers to design innovative Microtakaful products that cater to the specific needs of B40 women entrepreneurs. This can support their economic resilience and enhance their contribution to the Malaysian economy. Originality/value This study provides new insights into the role of Microtakaful in addressing the financial constraints of B40 women entrepreneurs and emphasizes the importance of product customization to enhance its impact.