Salaam Bank Limited Expands: Museveni to launch Uganda’s first islamic Insurance Company, Tamini

2026-03-02 - 15:58

KAMPALA, Uganda — President Yoweri Museveni is scheduled to preside over the official launch of Tamini General Insurance on March 3. The event signals a shift in the nation’s financial landscape with the introduction of its first licensed provider of Islamic insurance. The Insurance Regulatory Authority of Uganda officially licensed the firm Nov. 26, 2025, following a significant legislative evolution that authorized Shari’ah-compliant financial services. Tamini is a member of the Salaam Group, an ethical finance conglomerate with operations in Djibouti, Kenya, Uganda and Malaysia. The insurer joins its sister institution, Salaam Bank, which 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 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. Mohamed Bahdon, Group CEO, Tamini Insurance , said the group identified three operational pillars for the Ugandan market: ethical investment, transparent oversight and collective participation. Under this framework, he said premiums are directed 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 policyholders. Bahdon said the goal is to deepen insurance penetration by reaching those previously excluded from the financial system. He emphasized that Tamini intends to grow alongside the Ugandan public by prioritizing a system that values people and assets over profit. The launch ceremony will take place Tuesday at Millennium Park in Lugogo.