President Yoweri Kaguta Museveni launched the first Islamic insurance company in Uganda’s capital, Kampala.

The launch of the Tamini Islamic insurance company took place at Millennium Park in Lugogo, during an Iftar dinner organised by the Senior Presidential Advisor on Political Affairs and Head of the NRM National Chairman’s Office, Hajjat Hadijah Namyalo.

Tamini is a sister company to Salaam Bank, which was launched in 2024 by President Museveni and Mahmoud Ali Youssouf, chairperson of the African Union Commission.

Speaking at the event, Museveni urged the Muslim community to invest in commercially viable ventures rather than consumptive spending.

“Insurance is about preparing so that in case anything goes wrong, you have a backup. When you borrow, you invest, but what if things do not go as planned? I thank Tamini Insurance for completing the cycle,” he said.

Museveni also praised the Salaam Group for extending inclusive financial services to both low-and middle-income earners, describing its operations as a comprehensive financial ecosystem offering both financing and insurance solutions.

“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.

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

Mohamed Bahdon, Group CEO of Tamini Insurance, outlined three operational pillars guiding the firm’s entry into the Ugandan market: ethical investment, transparent oversight and collective participation, all aimed at advancing financial inclusion.

He noted that Islamic insurance would offer affordable cover and help reshape the country’s insurance landscape while creating a new ecosystem aligned with Uganda’s Vision 2040.