Museveni Unveils Uganda's Pioneer Islamic Insurer Tamini General

President Yoweri Museveni officially launched Tamini General Insurance on Tuesday evening in Kampala, marking Uganda’s entry into Islamic insurance known as Takaful. The event, held during an Iftar dinner organized by the Office of the National Chairman, highlighted a key milestone for the nation’s financial sector.

Tamini, a subsidiary of Salaam Group, follows the 2023 Financial Institutions Amendment Act that enabled Sharia-compliant finance. This paved the way for Salaam Bank Uganda’s debut in 2024, now complemented by this insurance arm.

Addressing religious leaders, business leaders, and officials, Museveni emphasized financial inclusion in Uganda’s expanding economy. He welcomed Salaam Group’s investment, noting the population’s growth from over 45 million to a projected 100 million by 2050.

“You are in Uganda at the right time,” Museveni stated, urging Muslims to adopt Takaful to combat poverty. He referenced progress from Operation Wealth Creation and the Parish Development Model, lifting 70% into the money economy.

Takaful differs from traditional insurance by pooling contributions for mutual protection, shunning interest, uncertainty, and gambling. Salaam Bank Chairman Ibrahim M. Abdirahman praised government reforms amid low insurance penetration below 1%.

Tamini CEO Mohamed Bahdon linked the launch to Salaam Bank’s two-year success, serving thousands previously sidelined by conventional finance. He envisioned integrated services, like farmers securing Halal loans and crop insurance to drive production.

This development aims to transform Uganda from a consuming to a producing nation, aligning with national economic goals.

Source: The Observer (Uganda)