Methodology

Research Methodology

For this research, a qualitative approach was taken. The process of research involves empirical
work being carried out with the collection of data which can concur refute or contest theories
which in turn allows for understanding and clarification for different observations (May, 1997).
Qualitative research involve an interpretive naturalistic approach to the world. This means
that qualitative researchers study things in their natural settings, attempting to make sense of
or interpret phenomena in terms of the meanings people bring to them (Denzin and Lincoln,
2005). A qualitative approach was considered as the best option for this research as we need to
know the respondents opinion on the matters of our research as it is allowed greater capacity
to gain more depth on an individuals experience on currency exchange and the opinion on
currency depreciation.

To get the findings for this research, a semi-structured interview were selected. This
type of interview will allow the respondents to elaborate more on the questions given to them.
In addition, with that, it will give the opportunity to them to responses further. By definition, a
semi-structured interview needs to have some structure, and the open-ended questions. Kumar
(2005) views the interview as the most suitable approach for studying complex and sensitive
areas as the interviewer has the opportunity to prepare a participant before asking sensitive
questions and to explain complex ones to them in person.

According to McNamara (1999), interviews are particularly useful for getting the story
behind a participants experiences. The interviewer can pursue in-depth information around the
topic. Interviews may be useful as follow-up to certain respondents. By doing the interview,
sometimes it can prove to be a difficult task to gain reliable data on the research subject if there
are a small number of respondents involved. It is different with the quantitative approach which
is involves a higher number of participants and in addition, certain circumstances can provide
more reliable data results.

The questions covered these two main areas:-

1. The awareness of takaful products available in the market.

2. The suggestion towards increasing the awareness of Takaful investment product.