By Infora Media
President Yoweri Kaguta Museveni is set to officially launch Tamini Insurance, Uganda’s first dedicated Islamic insurance company, in a landmark development for the country’s financial services sector.
The launch ceremony will take place on March 3, 2026, at Millennium Park in Lugogo and will be followed by a grand Iftar dinner during the holy month of Ramadan, bringing together business leaders, policymakers, religious leaders and members of the public.
Uganda’s insurance sector has long struggled with low penetration, leaving many households and small businesses exposed to financial shocks caused by fire, accidents, illness and other unforeseen risks.
Speaking at a press briefing at the Office of the National Chairman in Kyambogo, Manager Hajjat Hadijah Namyalo Uzeiye said the initiative aligns with ongoing Ramadan outreach efforts focused on supporting vulnerable communities.
“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,” Hajjat Namyalo said.
She added that increasing insurance awareness could help raise uptake from the current one percent to at least three or five percent over time.
“We want ordinary Ugandans to understand that insurance is not a luxury. It is protection for your business, your property and your family,” she said.
According to Chief Executive Officer Mohamud Omar, Tamini Insurance was licensed by the Insurance Regulatory Authority of Uganda as the country’s first dedicated Islamic insurance operator.
The company operates under the takaful model, a Sharia-compliant system based on mutual assistance and shared responsibility.
Under this structure, policyholders contribute to a common fund that supports members during times of need. Contributions are invested in halal and socially responsible ventures, and any surplus generated is shared among participants rather than retained solely as corporate profit.
“Unlike conventional insurance, takaful is built on community participation. The funds belong to the participants, and our role is to manage them responsibly,” Mr Omar explained.
He noted that many Muslims have historically avoided insurance due to concerns related to riba (interest), creating a significant untapped market.
“For a long time, some communities stayed away from insurance because of religious concerns. We are offering peace of mind without compromising beliefs,” he said.
The introduction of Islamic insurance is expected to complement existing Islamic banking services and broaden Uganda’s Sharia-compliant financial ecosystem.
Industry observers say the entry of Tamini could open doors for new investment flows, increased savings culture, and improved resilience among small and medium enterprises.
President Museveni is expected to officially unveil the company during next week’s ceremony, marking what organisers describe as a milestone in the evolution of Uganda’s financial services sector.