* Says model rooted in fairness, cooperation, ethical risk-sharing
In a landmark address delivered at the University of Lagos (UNILAG), Professor Tajudeen Olalekan Yusuf, Nigeria’s first Professor of Risk Management and Insurance, issued a compelling call for ethical reform in the nation’s financial sector.
Delivering the university’s 13th Inaugural Lecture for the 2024/2025 academic session, titled “Risk, Ethics, and the Road Less Taken: Navigating the Journey from Insurance to Takaful,” Prof Yusuf urged a shift from conventional insurance to the Islamic-inspired, socially conscious model of Takaful.
Prof Yusuf while speaking before the audience of about 2,000 at the fill-to-the capacity Ade Ajayi Auditorium of the University of Lagos on Wednesday, May 21, challenged the financial industry and policymakers to rethink the purpose and practice of insurance in a society facing systemic distrust, inequality, and rising vulnerability.
Muslim News gathered that the inaugural lecture, the first in the insurance department of the University, was attended by his beloved family members, siblings, mentors, senior colleagues and religious and professional organisations he has affiliations with.
The road less taken
“The phrase ‘the road less taken’, borrowed from Robert Frost’s timeless poem, is both a metaphor and a methodological commitment,” Prof. Yusuf declared. “Takaful represents a ‘road’ rarely traveled — one that prioritizes social welfare over actuarial gain.” Framing Takaful as an ethical evolution rooted in divine teachings from both the Qur’an and the Bible, Yusuf posed a central question: “Can financial systems be reimagined in service of the common good?”
In a sweeping intellectual journey that traced the history of insurance education, regulation, and performance in Nigeria, Prof Yusuf highlighted critical shortcomings in the industry — including poor public perception, limited awareness, low compliance with compulsory insurance laws, and the failure to adapt to cultural and religious contexts. “Abysmal insurance patronage remains a serious concern,” he said.
Prof Yusuf, a devout Muslim and renowned Muslim scholar, cited empirical studies he co-authored on the attitudes of Nigerians towards insurance services.
The role of insurance intermediaries
He also addressed the role of insurance intermediaries — brokers, agents, and loss adjusters — in both advancing and compromising the integrity of the industry, warning that “agents and brokers sometimes prioritize commissions over clients’ best interests.”
Prof Yusuf praised the University of Lagos as a pioneer in insurance education in Nigeria, highlighting its accreditation from the Institute and Faculty of Actuaries (IFoA), curriculum innovations in Actuarial Science and Risk Management, and strong alumni and industry partnerships.
He credited his own academic journey with helping position Nigeria at the forefront of Islamic finance research and training. “I developed the first full-fledged Non-Interest Finance curriculum for a business school in Nigeria,” he noted. “Our products are now being admitted for PhD in IIUM and INCEIF, Malaysia.”
Adoption of full-scale Takaful
Advocating for the full-scale adoption of Takaful, Professor Yusuf described it as a system rooted in fairness, cooperation, and ethical risk-sharing.
“Through insurance — and through Takaful — we are called to build systems that protect not just wealth, but human dignity.” He called for strengthened Takaful-specific regulations, public awareness and financial literacy campaigns, digital platforms and InsurTech integration, strategic partnerships with microfinance institutions, and incorporating Takaful into institutional frameworks such as UNILAG’s own risk management.
Prof Yusuf also dissected the impact of Nigeria’s compulsory insurance laws, noting their limited effectiveness due to low compliance, fake certificates, and weak enforcement in sectors like health, construction, transport, and employment. He warned that Nigeria remains unprepared for emerging risks such as climate change, cyber attacks, public health crises, and political instability. “Ethics must remain the cornerstone of sustainable financial solutions,” he insisted.
His influence beyond academia
Beyond academia, his influence spans regulatory reform, religious leadership, and philanthropy. He founded the Institute of Islamic Finance Professionals (IIFP), reviewed the Insurance Act 2003, chairs the Lagos State Muslim Pilgrims Welfare Board, serves on the Islamic Development Bank’s global screening committee, and leads the Zakat and Sadaqat Foundation, which in 2025 disbursed ₦5.75 million in scholarships to 23 underprivileged UNILAG students. “Knowledge is a form of wealth. Zakat and Sadaqat is how we share it,” he said.
In closing, Prof Yusuf urged stakeholders to choose the more difficult but morally upright path. “The journey from conventional insurance to Takaful represents an evolution towards responsible risk management,” he stated. “The road less taken — ethical risk management — is harder. It demands courage against dominant paradigms. It demands faith that finance can serve justice, not just profit.”
With his rousing lecture, Professor Yusuf left a profound impression on the university community and beyond — challenging all to rethink the role of finance not just as an economic tool, but as a moral force for good.
UNILAG VC extolls Prof Yusuf well-researched lecture
In her remarks, the Vice-Chancellor of UNILAG, Prof. Folasade Ogunsola, lauded the lecture as a well-researched and intellectually enriching presentation. She highlighted its depth in addressing ethical transformation in finance and its potential impact on national policy.
She said; “Prof Tajudeen Yusuf is the first professor of insurance in UNILAG. His academic research is not reflecting just an intellectual step but a strong commitment to the ethical transformation in finance. The research book shows the contrast between the risk transfer model of conventional insurance in comparative ethics and the Shariah compliance model of takaful.
Our inaugural lecturer did not shy away from addressing issues associated with Nigeria’s insurance echo system by pointing out chronicle issues such as loss of public trust, regulatory inefficiency, disaster unpreparedness, and poor enforcement of compulsory insurance laws.
Continuing; “He called for regulatory reforms innovation in micro insurance programme, integration of takaful international frame work and ethical repositioning of insurance to serve the public good”.
Professor Yusuf’s Background
Born on November 25, 1965, Professor Tajudeen Yusuf is an indigene of Abeokuta, Ogun State. He graduated with a B.Sc (Hons) Degree in Insurance and Master’s Degree in Management from the prestigious University of Lagos in 1989 and 1993, respectively. He also holds a Master’s Degree (Distinction) in Islamic Management, Banking and Finance from Loughborough University, United Kingdom (2005), and Ph.D in Risk Management and Insurance from Nottingham Business School, United Kingdom (2009).
He has served the University of Lagos in various capacities, such as Deputy Director of the School of Foundation Studies and Coordinator of the Non-Interest Finance programme at UNILAG Business School, where he spearheads curriculum development and research in Islamic Finance.
With over one hundred (100) publications, his works appear in prestigious journals such as the Palgrave Macmillan series, Crawford Journal of Economics and Management, and The Journal of Muamalat and Islamic Finance Research. He is the co-editor of Islamic Wealth and the SDGs (2021) and author of Risk Management in Islamic Finance: A Practical Approach (2022).
Other beautiful faces at the inaugural lecture
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