Uganda has marked a historic turning point in its financial sector following the official launch of Tamini General Insurance, the country’s first Islamic insurance firm, by President Yoweri Museveni.

The landmark event took place at Lugogo during an Iftar dinner organised by Ms. Namyalo Uwizeye and the NRM Office of the National Chairman, signaling strong political backing for Sharia-compliant financial services in Uganda.

Uganda’s First Islamic Insurance Firm Launched

Speaking at the launch, President Museveni welcomed Tamini’s unique model of mutual assistance, risk sharing and interest-free borrowing, describing it as aligned with Uganda’s traditional concept of omukwato, a community-based system of shared responsibility.

Tamini General Insurance, operating in partnership with Salaam Bank, introduces a new chapter in Uganda’s insurance and financial services industry by offering Sharia-compliant products designed to expand inclusion, particularly among low-income earners.

“This is not something strange; it is our traditional way,” President Museveni noted, emphasizing that borrowing should focus on production rather than consumption to drive sustainable wealth creation.

Boost for Financial Inclusion and Low-Income Earners

Leaders and stakeholders described the launch as a strong milestone for Uganda’s financial sector, highlighting that interest-free, risk-sharing financial services will open doors for many Ugandans who have previously been excluded from conventional banking and insurance systems.

The introduction of Islamic insurance, commonly known as Takaful, is expected to significantly expand access to financial protection while supporting small businesses, entrepreneurs, and households seeking ethical, faith-based financial solutions.

Observers say the model’s emphasis on production-focused borrowing will help strengthen entrepreneurship and uplift communities across the country.

Blending Faith, Tradition and Modern Finance

Tamini’s approach blends Islamic financial principles with Uganda’s long-standing tradition of omukwato, demonstrating how cultural values can shape modern economic solutions.

The launch during the Iftar dinner also underscored Uganda’s growing commitment to inclusivity in its economic development agenda. Stakeholders described the initiative as empowerment rooted in sustainability, faith and shared prosperity.

Uganda: A Growing and Profitable Market

President Museveni reiterated that Uganda remains a profitable investment destination, pointing to the country’s rapidly growing population as a key driver of market expansion.

With the backing of Salaam Bank and the Salaam Group, Tamini General Insurance is positioned to play a transformative role in Uganda’s insurance landscape, offering ethical, inclusive and production-oriented financial services.

A Historic Financial Sector Milestone

The launch of Tamini General Insurance marks a defining moment in Uganda’s journey toward inclusive finance. By promoting interest-free borrowing, risk sharing and mutual assistance, the firm is expected to reshape access to insurance while supporting sustainable wealth creation.

As Uganda continues to diversify its financial sector, the introduction of Islamic insurance services signals a bold step toward broader economic participation and long-term stability.