. Spotlights Ethical Insurance, Takaful Integration As Wayout
The University of Lagos (UNILAG) has held its 13th inaugural lecture in the 2024/2025 academic session at the JF Ade Ajayi Main Auditorium.
Platforms Africa reports that the lecture titled, “Risk, Ethics, And The Road Less Taken: Navigating The Journey From Insurance To Takaful,” was delivered by Professor Tajudeen Olalekan Yusuf, a Professor of Insurance and Risk Management at the University of Lagos .
Speaking at the event, Prof. Yusuf advocated regulatory reforms, innovation in microinsurance, the integration of Takaful into national frameworks, and an ethical repositioning of insurance to serve the public good.
Addressing the transformative shift from traditional insurance to the Islamic Takaful model, he highlighted a paradigmatic inquiry linking the nature of risk, the moral framework of ethics, and the potential of alternative approaches.
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He described Takaful 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.”
He emphasized Takaful’s potential for financial inclusion and improved risk management. He cited case studies such as the 2024 Majiya fuel explosion and the 2025 Zamfara school fire to underscore the consequences of Nigeria’s inadequate risk management culture.
He stressed 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.”
Platforms Africa
