Thursday, March 5, 2026
KAMPALA, Uganda — President Yoweri Kaguta Museveni on Thursday launched Tamini General Insurance, billed as Uganda’s first Islamic insurance firm, at Millennium Park–Lugogo in Kampala during an iftar dinner hosted by Senior Presidential Advisor for Political Affairs Hajjat Hadijah Namyalo.
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Tamini General Insurance, part of Salaam Group, will offer Sharia-compliant insurance services built on mutual risk-sharing and oversight. Company executives said the model is designed to broaden financial inclusion by serving low- and middle-income clients and pairing with halal financing options offered by Salaam Bank.
“Salaam Bank and Tamini, you are welcome to Uganda. Uganda is a growing market with over 45 million people. The population will reach 100 million by 2050. You are in Uganda at the right time,” Museveni said. He urged the Muslim community to prioritize investment in productive ventures over consumption and framed insurance as a critical safeguard for borrowers and businesses. “Insurance is about preparing so that in case anything goes wrong, you have backup… I thank Tamini Insurance for completing the cycle,” he added.
The president also renewed his pitch for interest-free wealth creation programs, citing the Parish Development Model (PDM). He said the model’s 6 percent annual charge is intended to keep inflation in check and maintain stability of the revolving fund. “We should work to eliminate poverty by getting everyone out of poverty. PDM will help to ensure the remaining 30 percent of Ugandans also gets out of poverty,” he said.
Museveni recommended a matrilineal approach in selecting PDM beneficiaries to widen access for women-led and polygamous households and praised women for their role in household and national economic activity. He pledged to increase targeted support for Muslim women’s families from Shs 2 billion to about Shs 20 billion.
Tamini Group CEO Mohamed Bahdon said the company’s operations in Uganda will rest on three pillars: ethical investment, transparent oversight and collective participation. He framed the launch as a key link in an inclusive financial ecosystem: “A farmer who accesses halal financing from Salaam Bank to grow his crop can now insure that crop through Tamini. This will result in Uganda’s economic transformation from a consuming nation into a producing nation.”
Alhaji Ibrahim Kaddunabbi Lubega, chief executive of the Insurance Regulatory Authority, said Uganda’s insurance sector has grown to more than Shs 2 trillion in premiums and projected further expansion with the entry of Sharia-based insurance. He said the global Islamic insurance market is valued at USD 36.6 billion and is projected to exceed USD 75 billion by 2033, suggesting new opportunities for domestic insurers and policyholders as Uganda adopts the model.
Hajjat Namyalo said Tamini will pay special attention to the informal economy, including market vendors and communities in disaster-prone areas, as part of a push to expand affordable coverage and financial resilience at the grassroots.
Sheikh Muhammad Yunus Kamoga, a Tabliq sect leader, thanked Museveni for previous pardons — citing himself and city car dealer Hajji Muhammad Ssebuufu — and asked the president to extend clemency to two prominent Muslims now in detention. He also commended the government for promoting unity among Muslims and supporting Muslim education and financial institutions.
By Ali Musa
Axadle Times international–Monitoring.
