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 microinsurance, 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, May 21, 2025.
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 (1st) to be delivered by a member of the Insurance Unit.
Risks, Ethics and The Road Less Taken: Navigating the Journey Between Insurance and Takaful
Addressing an attentive 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.
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”
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).
Beyond academia, Professor Yusuf drives industry transformation as Chairman of Ethica Microfinance Bank, Macrotell Fintech Limited, and Hilal Takaful Nigeria Limited (ACE). He chairs the Zakat & Sadaqah Foundation and Governing Board of Subtle Nursery & Primary School, promoting education and poverty alleviation.
His leadership as Co-Imam of the UNILAG Muslim Community and former Chairman of the Lagos State Muslim Pilgrims’ Welfare Board reflects his deep commitment to community service.
Professor Tajudeen Olalekan Yusuf is married and blessed with children.
Report: Bayo Salau
Photographs: Michael Joshua
