Uganda has officially stepped into the Islamic insurance market after President Yoweri Kaguta Museveni on Tuesday unveiled Tamini General Insurance, the country’s first Sharia-compliant insurance provider.
The launch took place at Lugogo’s Millennium Park during a Ramadan Iftar dinner organised by Ms. Namyalo Uzeiye and the NRM Office of the National Chairman.
Tamini General Insurance will operate under the takaful model — a system based on mutual risk-sharing, ethical financing, and interest-free transactions. The company is partnering with Salaam Bank to expand access to faith-based financial services.
Speaking about the initiative, President Museveni described the model as aligned with Uganda’s traditional values.
“Tamini is Uganda’s first Islamic insurance firm. I welcome their model of mutual assistance, interest-free borrowing and risk sharing, in partnership with Salaam Bank. This is not something strange; it is our traditional way (omukwato). Borrow, but borrow for production, not for consumption,” the President posted on his X account.
He emphasized that the new insurer will prioritize accessibility for low-income earners a critical move in a country where insurance penetration remains extremely low.
According to the Uganda Insurers Association, only 1% of Ugandans had insurance coverage in 2022. Tamini’s entry into the market aims to close that gap by offering affordable and inclusive coverage grounded in shared responsibility.
The initiative also reflects broader efforts to diversify Uganda’s financial sector and tap into the fast-growing global Islamic insurance industry, which reached $30 billion in premiums by 2023, according to international industry reports.
With Uganda’s expanding population and growing economy, President Museveni expressed confidence in the country’s investment potential, calling it a profitable and promising market.
