Museveni Set to Launch Uganda’s First Islamic Insurance Firm Tamini Today

KAMPALA — President Yoweri Museveni is today expected to preside over the official launch of Tamini General Insurance at Millennium Park in Lugogo, marking Uganda’s entry into Islamic insurance and the latest addition to the country’s growing Sharia-compliant financial sector.

The launch is being held during an Iftar dinner organised by the Office of the National Chairman, bringing together business leaders, government officials, members of the Muslim community, and members of the public during Ramadan.

Speaking at a pre-launch press conference at the Office of the National Chairman in Kyambogo, ONC Manager Hadijah Namyalo Uzeiye said the event reflects the office’s broader Ramadan outreach agenda.

“As the Office of the National Chairman, we engage vulnerable communities during Ramadan. This time, we are focusing on empowering low-income earners through risk protection,” Ms Namyalo said.

She set an ambitious target for insurance uptake. “We want to move insurance uptake from one percent to at least three or five percent by creating awareness, especially among ordinary Ugandans who form the majority,” she said.

Ms Namyalo also stressed that Islamic insurance is not exclusive to Muslims. “You can insure your business, your property, even your family. When disasters happen, they affect us as Ugandans, not as Muslims alone,” she said.

Tamini General Insurance, a subsidiary of the Salaam Group, was licensed by the Insurance Regulatory Authority of Uganda on November 26, 2025, as Uganda’s first dedicated provider of Islamic insurance. The firm joins its sister company Salaam Bank, which Mr Museveni launched on March 27, 2024, after signing the Financial Institutions Amendment Act 2023 into law.

Tamini Chief Executive Officer Mohamud Omar said the company brings regional experience from established operations in Djibouti and Kenya. “We were officially licensed by the Insurance Regulatory Authority of Uganda as the country’s first dedicated Islamic insurance provider,” Mr Omar said.

The firm operates under the Takaful model, an Islamic insurance framework rooted in mutual assistance and shared responsibility. Unlike conventional insurance, where the insurer assumes the risk of the policyholder, Takaful participants contribute to a shared pool that collectively covers losses. When no claims are made, surplus funds are invested in Sharia-compliant ventures and profits shared among participants.

Mohamed Bahdon, Group CEO of Tamini Insurance, said the firm was built around three pillars for the Ugandan market. “Ethical investment, transparent oversight and collective participation,” Mr Bahdon said, adding that all premiums are directed toward Sharia-compliant ventures governed by a Sharia Advisory Board.

Michael Mande, Chief Executive Officer of Salaam Bank Uganda, said one of the model’s key features is the return of a portion of contributions to policyholders if no claims are made during the year, something not available under conventional insurance.

Mariam Nalunkuma, Manager of Corporate Affairs at the Insurance Regulatory Authority, said the model’s appeal goes beyond the Muslim community. “The model’s emphasis on fairness and transparency appeals to a broad demographic,” Ms Nalunkuma said.

Uganda’s insurance penetration currently stands at below one percent. The Takaful market globally was valued at approximately USD 36.6 billion in 2024 and is projected to reach USD 75.3 billion by 2033. Uganda joins Kenya, Nigeria, Tanzania, Senegal, Sudan, and South Africa in offering Takaful products.

The Capital Markets Authority of Uganda is also reported to be in advanced stages of introducing Sukuk, or Islamic bonds, to further expand the country’s Sharia-compliant financial offerings.