The Office of the NRM National Chairman in partnership with Salaam Bank has announced the launch of Tamini Insurance Company, Uganda’s first dedicated Islamic insurance provider, in a move aimed at deepening financial inclusion through Sharia-compliant services.
The milestone initiative is expected to strengthen Uganda’s growing Islamic finance ecosystem by introducing ethical, community-based insurance solutions designed to serve both Muslims and non-Muslims alike and President Yoweri Kaguta Museveni is set to officiate at the ceremony, highlighting government support for the expansion of alternative financial services in the country.
UG Exclusive has learned that the launch is scheduled for March 3, 2026, at Millennium Park in Lugogo, and will be marked by a grand Iftar dinner bringing together business leaders, government officials, and members of the public during the holy month of Ramadan.
Addressing the media at a press conference held at the ONC offices in Kyambogo, Hadijah Namyalo Uzeiye, welcomed the partnership, noting that it aligns with the ONC’s Ramadan outreach programs targeting low-income earners and small business.
“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 observed 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 added.
Tamini Insurance Chief Executive Officer, Mohamud Omar, described the company’s entry into Uganda as a historic step toward inclusive and ethical financial services.
He confirmed that the company was officially licensed by the Insurance Regulatory Authority of Uganda as the country’s first dedicated Islamic insurance provider and operates under the Salama Group, a regional ethical finance network.
Omar explained that Tamini follows the takaful model, which is based on mutual assistance and shared responsibility. Under this system, participants contribute to a common fund managed on their behalf, with investments directed strictly into halal and socially responsible ventures. Any surplus generated is shared among members rather than retained solely as company profit.
“For a long time, many Muslims stayed away from insurance because of concerns related to riba. We are providing peace of mind without compromising beliefs,” he said.
Officials believe the introduction of Islamic insurance will complement existing Islamic banking services in Uganda, supporting entrepreneurship and enhancing economic resilience while broadening the country’s financial services landscape.
