Kampala, Uganda | THE INDEPENDENT | The commissioning of Uganda’s first Islamic insurance firm, Tamini General Insurance, has marked a significant milestone in the country’s financial sector, introducing Sharia-compliant insurance services aimed at broadening financial inclusion. President Yoweri Kaguta Museveni presided over the launch held at Millennium Park–Lugogo in Kampala on Tuesday.
Museveni rallied Muslims to embrace productive investment. “I want the Muslim community to move away from consumptive expenditure and invest in commercially viable economic ventures that create wealth,” he said. Tamini General Insurance, a conglomerate of Salaam Group, is structured to offer Sharia-compliant insurance services based on mutual benefit and joint guarantees between insurers and the insured. The President applauded Salaam Group for extending 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 position on the six percent annual charge. “The six percent charge is not interest. It is meant to control inflation and maintain the stability of the PDM revolving fund,” he explained. He urged Muslims to take advantage of government wealth-creation initiatives and directed PDM committees to adopt a matrilineal approach to selecting beneficiaries.
“If you follow the mother’s line, you will include more families, especially in polygamous homes. The patrilineal approach can leave out some women-led families,” he said. The President also praised women for their contribution to economic transformation. “Women are active in economic activities, and when you empower them, you strengthen households and the national economy,” he added. President Museveni further pledged additional support to Muslim women’s groups.
“We are going to increase the support from two billion shillings to twenty billion shillings so that Muslim women can participate fully in wealth creation,” he stated. Mohamed Bahdon, Group Chief Executive Officer of Tamini General Insurance, outlined the company’s operational pillars. “Our operations are anchored on ethical investment, transparent oversight, and collective participation to ensure financial inclusion for all,” Bahdon said. He added that Islamic insurance will reshape Uganda’s insurance landscape.
“We are introducing affordable Sharia-compliant insurance solutions that will redefine the insurance ecosystem in line with Uganda’s Vision 2040,” he noted. The Chief Executive Officer of the Insurance Regulatory Authority, Alhaji Ibrahim Kaddunabi Lubega, highlighted the sector’s growth. “Uganda’s insurance sector has grown to over two trillion shillings, and with Sharia-based insurance on board, the projections are even higher,” Lubega said. He pointed to global trends in Islamic insurance.
“Globally, Islamic insurance is valued at 36.6 billion US dollars and is projected to exceed 75 billion dollars by 2033. Uganda stands to benefit immensely,” he added. Lubega also appealed for the fast-tracking of the National Health Insurance Scheme. “We need enhanced approaches like the National Health Insurance Scheme to guarantee certainty and broader insurance coverage,” he said. Meanwhile, Sheikh Amir Muhammed Yunus Kamoga, the leader of the Jamiat Dawatil Tabligh Salafiya, requested a presidential pardon for detained Muslim leaders.
“Your Excellency, you have always pardoned those who have erred. We request you to extend that pardon to Sheikh Yahaya Mwanje and another Sheikh currently under detention,” Kamoga appealed. He thanked the President for supporting Muslim institutions. “We appreciate your efforts in fostering Muslim unity and supporting the establishment of Muslim education and financial institutions like Tamini General Insurance,” he said.
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