Uganda marked a major milestone in its financial sector with the commissioning of Tamini General Insurance, the country’s first Sharia-compliant insurance firm. The launch, held at Millennium Park–Lugogo, was presided over by President Yoweri Kaguta Museveni.
President Museveni called on the Muslim community to shift from consumptive spending to productive investment. “I want the Muslim community to move away from consumptive expenditure and invest in commercially viable ventures that create wealth,” he said.
Tamini General Insurance, part of the Salaam Group, will offer Sharia-compliant insurance services based on mutual benefit and joint guarantees between insurers and policyholders. The President commended Salaam Group for promoting inclusive financial services.
“What Salaam Group is doing is providing a comprehensive financial cycle , financing and insurance , covering both low and middle income earners,” President Museveni noted.
On the Parish Development Model (PDM), the President clarified the government’s stance on the six percent annual charge, stressing it is not interest but a mechanism to control inflation and stabilize the PDM revolving fund. He encouraged the adoption of a matrilineal approach in selecting beneficiaries to ensure inclusion of more families, particularly in polygamous households.
President Museveni also lauded women’s economic contributions and pledged increased support for Muslim women’s groups. “We are going to increase support from two billion shillings to twenty billion shillings so that Muslim women can participate fully in wealth creation,” he stated.
Mohamed Bahdon, Group CEO of Tamini General Insurance, said the company’s operations are guided by ethical investment, transparency, and collective participation. “We are introducing affordable Sharia-compliant insurance solutions that will reshape Uganda’s insurance landscape in line with Vision 2040,” Bahdon said.
Alhaji Ibrahim Kaddunabi Lubega, CEO of the Insurance Regulatory Authority, highlighted the sector’s growth, noting Uganda’s insurance industry has surpassed two trillion shillings. He said the inclusion of Sharia-based insurance offers strong growth potential, citing global Islamic insurance trends valued at 36.6 billion USD, projected to exceed 75 billion USD by 2033. Lubega also called for faster implementation of the National Health Insurance Scheme to expand coverage.
Meanwhile, Sheikh Amir Muhammed Yunus Kamoga of Jamiat Dawatil Tabligh Salafiya petitioned the President for a pardon for detained Muslim leaders, thanking him for supporting Muslim education and financial institutions.
“Your Excellency, we request you to extend pardon to Sheikh Yahaya Mwanje and another Sheikh currently under detention,” Kamoga said, acknowledging the President’s role in fostering Muslim unity.