Confirmed by Hajjat Namyalo: Museveni to Launch Tamini, Uganda’s First Islamic Insurer

President Yoweri Kaguta Museveni is slated to preside over the event, which will also include an Iftar dinner for Muslims observing Ramadan. Organizers say the gathering will combine celebration with reflection, bringing together stakeholders to mark the entry of Sharia compliant insurance into Uganda’s financial market.

The announcement was made at a press briefing held at the Office of the National Chairman in Kyambogo. During the event, company representatives and government officials shared their vision of widening access to financial protection through services designed in line with Islamic principles.

Hadijah Namyalo Uzeiye, Manager of the Office of the National Chairman, expressed support for the partnership between Tamini Insurance and Salaam Bank. She said the collaboration fits into the office’s annual Ramadan outreach efforts, which focus on supporting vulnerable groups, including small scale traders and low income earners.

Namyalo explained that this year’s Ramadan programs will go beyond food distribution and charitable activities to include financial empowerment. She said insurance remains underutilized in Uganda, with penetration levels estimated at about one percent. According to her, this leaves many families and businesses exposed to preventable financial shocks.

She stressed the need to raise awareness so that more Ugandans understand the importance of risk protection. The goal, she said, is to gradually increase insurance uptake to between three and five percent by reaching ordinary citizens who often overlook such services.

Namyalo added that entrepreneurs, homeowners, and families can protect their assets and livelihoods through insurance, reducing the long term impact of disasters. She emphasized that the initiative is not restricted to Muslims, noting that Islamic insurance products are structured to serve anyone seeking ethical and socially responsible financial solutions.

Tamini Insurance Chief Executive Officer Mohamud Omar described the company’s arrival as a turning point for inclusive finance in Uganda. He confirmed that the firm has been licensed by the Insurance Regulatory Authority of Uganda as the country’s first dedicated Islamic insurance provider.

Omar said Tamini is part of the Salama Group, a regional player in ethical finance with operations across East Africa and the Horn of Africa. In Uganda, it will work closely with Salaam Bank, the country’s first Islamic bank, to create a comprehensive Sharia compliant financial ecosystem.

Although newly established in Uganda, Tamini brings prior experience from markets such as Djibouti and Kenya. Omar said the company intends to apply lessons learned in those countries to build trust and confidence among Ugandan clients.

He explained that the company operates under the takaful model, which is based on mutual cooperation and shared responsibility. Under this system, members contribute to a common fund that supports participants facing loss or hardship.

Unlike conventional insurance, where premiums are treated strictly as company revenue, takaful contributions are pooled for the benefit of participants. The funds are invested only in halal and socially responsible ventures, and any surplus generated is distributed among members rather than retained entirely as profit.

Omar said the company’s role is to manage the fund transparently on behalf of participants. He noted that many Muslims have historically avoided traditional insurance products due to concerns about interest and uncertainty. Tamini, he said, aims to provide financial security while respecting religious beliefs.

Officials believe that the introduction of Islamic insurance will strengthen Uganda’s growing Islamic finance sector and complement existing banking services. They argue that expanding access to Sharia compliant products can help promote entrepreneurship, protect investments, and enhance overall economic resilience.

With President Museveni expected to officially launch the company next week, stakeholders describe the event as a significant step in diversifying Uganda’s financial services and improving access to risk protection for a broader segment of the population.