President Yoweri Kaguta Museveni has officially launched Tamini General Insurance Company, Uganda’s first Sharia-compliant insurance provider, marking the formal entry of Islamic insurance (Takaful) into the country’s financial services sector.
The ceremony, held at Millennium Park in Lugogo on Tuesday, March 3, drew senior government officials, regulators, Muslim community leaders and executives from Salam Bank Limited Uganda, among other guests.
Tamini was licensed on November 20, 2025, following the gazettement of the Insurance (Takaful and Retakaful) Regulations, 2025.
Addressing the congestion, Dr Kaddunabbi Ibrahim Lubega, the Chief Executive Officer of the Insurance Regulatory Authority of Uganda, described the development as “the opening of a new chapter” in Uganda’s financial landscape.
Under the Takaful model, insurance operations avoid interest-based transactions, excessive uncertainty and gambling, and do not invest in ventures deemed non-permissible under Islamic principles.
Dr Lubega noted that Uganda’s insurance industry has registered steady growth over the past five years, with gross written premiums rising from about Shs240 billion in 2020 to approximately Shs2 trillion in 2025. He added that globally, the Takaful market was valued at $36.6 billion in 2024 and is projected to grow to $75.3 billion by 2033.
He used the occasion to call for the expedited rollout of the National Health Insurance Scheme and invited the president to commission the newly completed 14-storey Insurance Tower on Lumumba Avenue.
Completing the ethical finance cycle.
Mr Ibrahim M. Abdirahman, chairman of Salam Bank Limited, said the launch of Tamini Insurance completes what he termed the “twin pillars” of ethical finance, banking and insurance.
He recalled that nearly two years ago, President Museveni presided over the launch of Salam Bank, Uganda’s first Islamic bank, describing it as a transformative milestone for the country’s financial sector.
“With Tamini Insurance, we now have a fully integrated Sharia-compliant financial ecosystem. A farmer can access halal financing from the bank and insure his crops through Tamini. That is how we build resilience and support Uganda’s transformation into a producing nation,” Mr Abdirahman said.
He reiterated the group’s commitment to long-term investment in Uganda, stressing that African capital should be deployed to grow African economies.
Inclusivity and Grassroots Mobilisation
The event was organised by the Office of the National Chairman (ONC) under the stewardship of its manager and Special Presidential Assistant, Hajjat Hadijah Namyalo Uzeiye.
In her remarks, Hajjat Namyalo described the launch as a defining moment for the Muslim community and the country at large. She said the initiative was viewed not merely as a business venture but as a response to longstanding calls for financial services aligned with Islamic principles.
“This is what the revolution has always been about, inclusivity, empowerment and economic liberation for all Ugandans,” she said.
She added that the new insurer would extend protection to ordinary Ugandans, including market vendors, boda boda riders and farmers, without requiring them to compromise their faith.
President’s Remarks
In his address, President Museveni commended Salam Bank for promoting interest-free banking, noting that saving and borrowing without interest is a longstanding financial practice that can benefit society beyond religious boundaries.
He said government programmes such as the Parish Development Model are structured without profit motives and disclosed that he had previously engaged Muslim leaders on aligning financial empowerment initiatives with community values.
The President observed that insurance plays a critical role in strengthening confidence among entrepreneurs and borrowers by providing financial security in the event of unforeseen risks.
He urged Ugandans to utilise borrowed funds responsibly and productively in order to improve household incomes and contribute to national development.
President Museveni also applauded Hajjat Namyalo for her grassroots mobilisation efforts and continued promotion of the NRM manifesto.
The launch was followed by a grand iftar dinner hosted by the ONC, attended by thousands of Muslims and supporters, in celebration of the holy month of Ramadan.
The entry of Tamini General Insurance into the market is expected to broaden financial inclusion and deepen Uganda’s insurance penetration, while providing faith-based financial solutions within the country’s regulatory framework.
