By Frank Kamuntu
Uganda’s financial sector is set to witness a major milestone with the upcoming launch of Tamini Insurance Company, the country’s first dedicated Islamic insurance provider, scheduled for March 3, 2026, at Millennium Park in Lugogo.
The launch, which will be officiated by Yoweri Kaguta Museveni, will also feature a grand Iftar dinner for fasting Muslims, bringing together business leaders, government officials, and members of the public during the holy month of Ramadan.
The announcement was made during a press conference held at the Office of the National Chairman in Kyambogo, where officials outlined the company’s vision to expand financial inclusion through Sharia-compliant insurance services.
Speaking at the briefing, the Manager of the Office of the National Chairman, Hadijah Namyalo Uzeiye, welcomed the partnership with Tamini Insurance and Salaam Bank, saying it aligns with ONC’s Ramadan outreach programs targeting low-income earners and small business operators.
“As the Office of the National Chairman, we engage vulnerable communities during Ramadan. This time, we are focusing on empowering low-income earners through risk protection,” Namyalo said.
She noted that Uganda’s insurance penetration remains low, hovering around one percent, limiting economic stability for businesses and households.
“We want to move insurance uptake from one percent to at least three or five percent by creating awareness, especially among ordinary Ugandans who form the majority,” she said.
According to Namyalo, many business losses and financial setbacks could be avoided if entrepreneurs embraced insurance services.
“You can insure your business, your property, even your family. When disasters happen, they affect us as Ugandans, not as Muslims alone,” she added.
She emphasized that the initiative is open to all citizens regardless of religion, describing Islamic insurance as an inclusive financial solution designed to reduce economic vulnerability.
Later, Tamini Insurance Chief Executive Officer Mohamud Omar described the company’s entry into Uganda as a historic step toward inclusive and ethical financial services.
“We were officially licensed by the Insurance Regulatory Authority of Uganda as the country’s first dedicated Islamic insurance provider,” Omar said. “Tamini does not stand alone. We are part of the Salama Group, a powerhouse of ethical finance in East Africa and the Horn of Africa.”
He noted that Tamini operates as a sister company to Salaam Bank, Uganda’s first Islamic bank, creating what he called a complete ecosystem of Sharia-compliant financial services.
Although new to Uganda, Omar said Tamini brings regional experience, having already built strong operations in Djibouti and Kenya.
Explaining how Islamic insurance works, Omar said Tamini operates under the takaful model, a system based on mutual assistance and shared responsibility.
“Unlike conventional insurance, takaful is built on community participation where members contribute to a common pool that supports participants during times of need,” he said.
Under the model, policyholders become participants in a shared fund managed by the company. Contributions are invested strictly in halal and socially responsible ventures, and any surplus generated is shared among members rather than retained solely as company profit.
“Our role is to manage the pool on behalf of the community. The funds belong to the participants,” Omar added.
He said the company aims to deepen insurance penetration by reaching communities that have traditionally avoided insurance due to religious concerns.
“For a long time, many Muslims stayed away from insurance because of issues related to riba. We are providing peace of mind without compromising beliefs,” he said.
Officials say the introduction of Islamic insurance is expected to complement Islamic banking services already operating in Uganda, helping expand access to financial products while supporting government efforts to promote entrepreneurship and economic stability.
President Museveni is expected to officially unveil the company during next week’s launch ceremony, marking what organizers describe as a significant step toward broadening Uganda’s financial services landscape.
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