President Museveni Launches Tamini General Insurance, Hails Interest-Free Model as Boost to Financial Inclusion

KAMPALA – President Yoweri Kaguta Museveni has officially launched Tamini General Insurance, Uganda’s first Islamic insurance company, in a ceremony held at Lugogo during an Iftar dinner organized by Ms. Hadijah Namyalo Uwizeye and the Office of the National Chairman (ONC) of the National Resistance Movement (NRM).

The launch marks a significant milestone in Uganda’s financial sector, introducing a Sharia-compliant insurance model built on principles of mutual assistance, risk-sharing, and interest-free financial transactions.

Promoting Traditional Values in Modern Finance

In his remarks, President Museveni welcomed the Islamic insurance model, noting that its foundation of collective responsibility and mutual support reflects Africa’s long-standing communal traditions.

“This is not something strange,” the President said. “It is our traditional way — omukwato. Borrow, but borrow for production, not for consumption.”

He emphasized that wealth creation must be anchored in productive investments rather than consumption-driven borrowing, aligning Tamini’s operational philosophy with the government’s broader economic empowerment agenda.

Expanding Financial Inclusion

Tamini General Insurance enters the market with a commitment to serve all Ugandans, including low-income earners who are often excluded from conventional insurance services. President Museveni praised this inclusive approach, highlighting its potential to broaden financial protection and deepen insurance penetration in the country.

Islamic insurance, commonly known as Takaful, operates on a cooperative system where members contribute to a shared pool that is used to compensate participants in the event of loss. Unlike conventional insurance models, it avoids interest (riba) and speculative transactions, making it attractive to those seeking faith-based financial services.

Partnership with Salaam Bank

Tamini will operate in partnership with Salaam Bank, Uganda’s Islamic banking institution. The collaboration is expected to strengthen Sharia-compliant financial products in Uganda, offering integrated solutions ranging from savings and financing to insurance coverage.

The President welcomed the Salaam Group and reaffirmed the government’s support for initiatives that promote financial innovation while fostering inclusivity and economic growth.

Uganda’s Growing Market Potential President

Museveni reiterated that Uganda remains a profitable destination for investment, citing the country’s expanding population and growing consumer base as key drivers of market opportunity.

“Uganda is profitable, and our growing population provides a big market,” he noted.

The introduction of Islamic insurance adds diversity to Uganda’s financial services landscape and is expected to attract both local and international investors interested in ethical and faith-based financial systems.

Strengthening the Financial Sector

The launch of Tamini General Insurance comes at a time when Uganda is pushing for greater financial inclusion and resilience across households and businesses. Industry stakeholders believe the firm’s entry will not only widen consumer choice but also stimulate competition and innovation within the insurance sector.

As Uganda continues to modernize its financial architecture, the establishment of Tamini signals a strategic shift toward accommodating diverse financial models while preserving cultural and ethical values embedded in society.

The Lugogo event, held during the holy month of Ramadan, brought together political leaders, religious figures, business executives, and members of the Muslim community, underscoring the significance of the milestone for both the financial sector and interfaith cooperation in Uganda.