Professor Tajudeen Olalekan Yusuf of the Department of Actuarial Science and Insurance, Faculty of Management Sciences, University of Lagos (UNILAG) has called for regulatory reforms, innovation in micro insurance, integration of Takaful into national frameworks, and ethical repositioning of insurance to serve the public good.
These recommendations formed part of the presentation of Professor Yusuf at the University’s 13th Inaugural Lecture in the 2024/ 2025 Academic Session, held on Wednesday.
Titled: Risks, Ethics and The Road Less Taken: Navigating the Journey Between Insurance and Takaful, the lecture which was held at the J.F Ade-Ajayi Auditorium, UNILAG, Akoka, was the fifth (5th) in the history of the Department of Actuarial Science and Insurance and first to be delivered by a member of the Insurance Unit.
Addressing the audience, Professor Yusuf shared a reflective account of his personal and professional journey from an initial disinterest in insurance to becoming the first Professor of Insurance at the University of Lagos, a testament to his dedication and scholarly evolution.
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The renowned pioneering authority in Takaful (Islamic Insurance) and Non-Interest Finance highlighted the paradigmatic inquiry connecting three core elements: the nature of risk, the moral framework of ethics, and the transformative potential of an unconventional path- specifically, the shift from traditional insurance to the Islamic Takaful model.
Professor Yusuf dexterously unpacked the concept of Takaful, describing it as an “Islamic cooperative system rooted in the Shariah principles of fairness, mutual responsibility, and ethical investments, where participants pool contributions into a shared fund to mutually support one another against losses.
Drawing from his over 26 years of expertise in risk management, he explored the potential of Takaful for risk management and financial inclusion.
He presented compelling case studies like the 2024 Majiya fuel explosion and the 2025 Zamfara school fire to illustrate the consequences of Nigeria’s weak risk management culture.
Professor Yusuf noted that “for Nigeria to successfully transition to Takaful, a multi-pronged policy is needed. These include strengthening regulatory frameworks, increasing public awareness, enhancing professional capacity, and leveraging technology.”
BV.
