President Museveni has officially launched Tamini General Insurance, Uganda’s first Sharia-compliant insurance company, and called on the Muslim community to channel resources into commercially viable economic activities.
The launch event was held at Millennium Park–Lugogo in Kampala during an Iftar dinner hosted by the Senior Presidential Advisor on Political Affairs and Head of the NRM National Chairman’s Office, Hajjat Hadijah Namyalo.
Tamini General Insurance, a subsidiary of Salaam Group, will offer Islamic insurance services structured on Sharia principles, providing risk-sharing mechanisms and joint guarantees between insurers and policyholders.
Speaking at the event, President Museveni described Uganda as a rapidly expanding market of more than 45 million people, projected to reach 100 million by 2050.
“Salaam Bank and Tamini, you are welcome to Uganda. You are here at the right time,” he said.
The President urged the Muslim community to prioritise productive investments over consumptive expenditure, emphasising the importance of building sustainable wealth.
He commended Salaam Group for providing inclusive financial services that cater to low- and middle-income earners, noting that the integration of financing and insurance services completes the financial support cycle.
“Insurance is about preparing for uncertainties. When you borrow to invest, you must also secure that investment,” he said.
President Museveni reiterated government commitment to interest-free wealth creation initiatives such as the Parish Development Model (PDM). He clarified that the six percent annual charge under PDM is designed to manage inflation and maintain fund sustainability.
He further directed PDM management committees to adopt a matrilineal approach when selecting beneficiaries to ensure greater inclusion of women and families, including those in polygamous households.
In addition, the President pledged to increase financial support to Muslim women’s groups from Shs2 billion to Shs20 billion, citing women’s significant contribution to household and national economic growth.
Mr. Mohamed Bahdon, Group CEO of Tamini Insurance, outlined the company’s operational pillars: ethical investment, transparent governance, and collective participation. He said the firm aims to enhance financial inclusion and align with Uganda’s Vision 2040 development agenda.
“A farmer who secures Halal financing can now insure their crops under a Sharia-compliant framework,” Bahdon noted.
The Chief Executive Officer of the Insurance Regulatory Authority (IRA), Alhaji Ibrahim Kaddunabbi Lubega, said Uganda’s insurance sector has grown to over Shs2 trillion in gross premiums. He added that the global Islamic insurance market, currently valued at USD 36.6 billion, is projected to exceed USD 75 billion by 2033, presenting significant growth prospects for Uganda.
Hajjat Namyalo said Tamini General Insurance will particularly target the informal sector, including market vendors and communities in disaster-prone areas.
Sheikh Muhammad Yunus Kamoga, a Tabliq Muslim leader, commended President Museveni for promoting religious inclusivity and supporting Muslim institutions. He also appealed for the pardon of two detained Muslim leaders.
