KAMPALA, UGANDA; President Yoweri Museveni is scheduled to preside over the official launch of Tamini General Insurance on March 3 2026 signaling a landmark shift in the nation’s financial landscape with the introduction of its first licensed provider of Islamic insurance.
The Insurance Regulatory Authority of Uganda (IRA) officially licensed the firm on Nov. 26, 2025 following a significant legislative evolution that authorized Shari’ah-compliant financial services.
Tamini is a member of the Salaam Group, a prominent ethical finance conglomerate with established operations in Djibouti, Malaysia and Kenya on top of Uganda.
The insurer joins its sister institution, Salaam Bank, which President Museveni launched March 27, 2024.
Salaam Bank became the first licensed Islamic banking institution in the country after the president signed the Financial Institutions (Amendment) Act 2023 into law.
The bank established its presence after acquiring Top Finance Bank and receiving the first Islamic banking license from the Bank of Uganda in September 2023.
Together, these entities form a comprehensive financial ecosystem designed to serve Ugandans who have historically avoided traditional financial services due to religious or ethical constraints.
Unlike conventional insurance based on risk transfer, the Takaful model is rooted in mutual assistance, where policyholders act as participants in a collective pool to protect the group against loss, Tamini Insurance Group Chief Executive Officer.
Chief Executive Officer Mr Mohamed Bahdon identified three operational pillars for the Ugandan market, focusing on ethical investment, transparent oversight and collective participation.
Mr. Bahdon identified three operational pillars for the Ugandan market, focusing on ethical investment, transparent oversight and collective participation.
Under this framework, premiums are directed solely toward socially responsible, Shari’ah-compliant ventures.
A Shari’ah Advisory Board governs all transactions to ensure fairness, while the model treats clients as members of a mutual protection scheme rather than mere policyholders.
Mr. Bahdon added that theit goal is to deepen insurance penetration by reaching those previously excluded from the financial system.
The leadership emphasized that Tamini intends to grow alongside the Ugandan public by prioritizing a system that values people and assets over pure profit.
The grand launch ceremony will take place Tuesday at Millennium Park in Lugogo.
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