Museveni Joins Salaam Bank to Launch Uganda’s First Islamic Insurance Company

KAMPALA, Uganda — President Yoweri Museveni and Salaam Bank officially inaugurated Tamini General Insurance on Wednesday, marking the debut of the first Shari’ah-compliant insurance provider, known as Takaful, in Uganda’s growing financial sector.

The launching ceremony, held at Millennium Park in Kampala, coincided with an Iftar dinner attended by high-ranking government officials and prominent leaders from the Ugandan Muslim community.

Tamini General Insurance is a subsidiary of the Salaam Group, which previously made history in 2024 by establishing Salaam Bank, the country’s first Islamic banking institution. The new firm will offer insurance services based on Islamic principles of mutual assistance, transparency, and collective risk-sharing.

Addressing the gathering, President Museveni welcomed the expansion of Islamic financial services as a strategic fit for the country's demographic trajectory.

"Salaam Bank and Tamini, welcome to Uganda, and thank you for bringing your formula here," Museveni said. "This country is a growing market of over 45 million people, a figure expected to hit 100 million by 2050. You have introduced this service at a very opportune time."

The President also urged the Muslim community to prioritize investments in productive sectors. He pledged to increase the support fund for Muslim women’s households to 20 billion Shillings (approximately $5.1 million) as part of a national initiative to eradicate poverty.

Museveni applauded Salaam Group for extending all-inclusive financial services and products that cover both low- and middle-income earners and defined their operations as a comprehensive financial cycle that offers financing and insurance options.

“Insurance is about preparing so that in case anything goes wrong, you have a backup. When you borrow, you invest, but what if things do not go as planned? I thank Tamini Insurance for completing the cycle,” he stated.

Mohamed Bahdon, CEO of Tamini General Insurance, stated that the company’s operations would rest on three pillars: transparent investment, economic development, and collective participation. Bahdon noted that the Takaful model offers affordable options that will reshape the national insurance landscape and align with the "Uganda Vision 2040" development goals.

Al-hajji Ibrahim Kaddunabbi Lubega, CEO of the Insurance Regulatory Authority of Uganda (IRA), highlighted the economic potential of the new venture. He noted that while Uganda’s insurance industry is currently valued at approximately 2 trillion Shillings, the introduction of Takaful is expected to significantly boost investor confidence and market penetration.

The move is seen as a major step in diversifying Uganda's financial ecosystem and fostering financial inclusion for the country's Muslim population.

GAROWE ONLINE