The gig economy represents a relatively contemporary phenomenon that remains insufficiently examined or documented in academic literature. The term "gig economy" pertains to labour markets characterised by short-term, intermittent, on-demand, and predominantly task-oriented employment arrangements. Due to its non-traditional nature, part-time employment typically lacks the comprehensive benefits and safeguards associated with full-time employment. To gain a comprehensive understanding of the gig economy market, we utilise the partial least squares structural equation modelling technique. This approach allows us to specifically examine the factors that significantly contribute to the low insurance penetration among the gig economy workforce. In order to achieve our objective, we have gathered data from a total of 374 participants. Our research indicates that gig workers are facing a significant lack of coverage, and they express a willingness to enrol in a flexible and customised takaful product.

The gig economy is a relatively new trend that has not yet been researched or documented significantly. The term "gig economy" refers to labor markets that offer contract-based, temporary, on-demand work and focus primarily on completing specific tasks. This research attempts to conduct a literature review on the risks that gig workers experience and the variables contributing to their lack of protection. In addition, the paper presents an idea for a model of takaful that would apply to gig workers. In addition, the study details the policy implications for the various stakeholders.