Museveni unveils Uganda’s first Islamic insurance company
Tamini General Insurance is a sister company to Salaam Bank, the first shariah compliant bank in the country which is part of the Saalam Group, operating in Uganda, Kenya, Djibouti and Malaysia
Ugandan President Yoweri Kaguta Museveni launched Tamini General Insurance, Uganda’s first Islamic Insurance firm.
Tamini General Insurance is a sister company to Salaam Bank, the first shariah compliant bank in the country which is part of the Saalam Group, a conglomerate with operations in Uganda, Djibouti, Kenya and Malaysia designed to offer Sharia financial products.
In Kenya, the operations of Salaam Group include Takaful Insurance and Salaam Microfinance Bank.
The event took place on Wednesday March 2026, at Millennium Park – Lugogo, Kampala City during an Iftar dinner organised by the Senior Presidential Advisor Political Affairs and Head of NRM National Chairman’s Office, Hajjat Hadijah Namyalo.
“Salaam Bank and Tamini, you are welcome to Uganda. Uganda is a growing market with over 45 million people. The population will reach 100 million by 2050. You are in Uganda at the right time,” the President said.
He rallied the Muslim community to invest in commercially viable economic ventures as opposed to consumptive spending.
President Museveni also applauded Salaam Group for extending all inclusive financial services and products that cover both low- and middle-income earners and defined their operations as a comprehensive financial cycle that offer financing and insurance options.
“Insurance is about preparing so that in case anything goes wrong, you have backup. When you borrow, you invest but what if things do not go as planned? I thank Tamini Insurance for completing the cycle,” he stated.
Mohamed Bahdon, group CEO Tamini Insurance noted that Islamic based Insurance will offer affordable insurance options and redefine the country insurance landscape and a new echo system to that effect aligned to Uganda’s vision 2040.
“A farmer who accesses Halal financing from Salaam Bank to grow his crop can now insure that crop through Tamini,” Bahdon said. “This will result in Uganda’s economic transformation from a consuming nation into a producing nation.”
Ibrahim M. Abdirahman, chairman of Salaam Bank Limited (Uganda), said the bank had made notable gains within just two years of operation.
“We have welcomed thousands of customers who previously felt excluded from the formal banking system. We have deployed billions of shillings in halal financing towards agro-processing, agriculture, trade, real estate and manufacturing. We have also maintained a robust balance sheet, proving that Islamic banking is not only ethical but also sustainable and resilient,” he said.
The Chief Executive Officer of Insurance Regulatory Authority (IRA), Alhaji Ibrahim Kaddunabbi Lubega reported that Uganda’s insurance sector has gradually muscled up to over Ushs2 trillion with higher projections from the new sharia based Islamic Insurance scheme on board brought by Tamini General Insurance.
Alhaji Kaddunabbi revealed that currently the global Sharia based Insurance is valued at USD 36.6 billion and projected to hit over USD 75 billion by 2033 and Uganda adopting the same, renders immense opportunities to the country’s insurance sector to blossom further.
On the other hand, Sheikh Muhammad Yunus Kamoga, the leader of the Tabliq Muslim community commended the President for fostering unity among Muslims and transforming Uganda into a modern society with equal benefits for all religions and aiding the establishment of Muslim education and financial institutions.