Kampala, Uganda: President Yoweri Kaguta Museveni has pledged to inject up to Shs20 billion to support Muslim women across Uganda, commending them for their active role in household income generation and national economic growth.
The President made the announcement on Tuesday during the launch of Tamini General Insurance, Uganda’s first Islamic insurance firm, at Millennium Park in Lugogo during an Iftar dinner organised by his Senior Advisor on Political Affairs and Head of the Kyambogo National Chairman’s Office, Hajjat Hadijah Namyalo Uzeiye.
“The Muslim women all over the country, we can even inject Shs10 billion, or even Shs20 billion. That is not a lot of money considering it is for the whole of Uganda,” Museveni said.
The President further called on the Muslim community to embrace Islamic finance as a strategic tool for poverty eradication, saying the introduction of Takaful insurance completes a key pillar of financial inclusion.
“We should work to eliminate poverty by getting everyone out of poverty. By 2013, only 32% of our people were in the money economy. Through Operation Wealth Creation, at least 70% have entered. The Parish Development Model will ensure the remaining 30% also gets out of poverty,” he said.
He urged Muslims to leverage ethical banking and insurance models to boost livestock and coffee farming, sectors he described as critical to Uganda’s transformation from a subsistence to a producing economy.
“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 here at the right time,” Museveni added, praising Hajjat Hadijah Namyalo for her grassroots mobilisation and promotion of the NRM manifesto, which is instrumental in strengthening community engagement.
Tamini General Insurance, part of Salaam Group, operates under Sharia-compliant Takaful principles based on mutual assistance and risk-sharing rather than risk transfer.
Insurance Sector Hits Shs2 Trillion
The Chief Executive Officer of the Insurance Regulatory Authority of Uganda, Alhaji Ibrahim Kaddunabbi Lubega, revealed that Uganda’s insurance sector has grown to over Shs2 trillion in gross premiums.
He noted that the global Sharia-based insurance market is currently valued at USD 36.6 billion and projected to surpass USD 75 billion by 2033, presenting significant growth opportunities for Uganda. “With Takaful now introduced, we expect broader access to insurance services and sustained growth across the industry,” Kaddunabbi said.
On their part, Salaam Group CEO Mohamed Bahdon outlined three operational pillars for Uganda: ethical investment, transparent oversight through a Shariah Advisory Board, and collective participation.
“A farmer who accesses Halal financing from Salaam Bank to grow his crop can now insure that crop through Tamini. This will result in Uganda’s transformation from a consuming nation into a producing nation,” Bahdon said.
Under the Takaful model, participants contribute to a mutual pool (Tabarru) to protect each other against loss. Funds are invested in Sharia-compliant ventures, and any surplus after claims and operational costs may be redistributed among members under profit-sharing arrangements such as Mudaraba.
Hajjat Namyalo said Tamini will prioritise the informal sector, including market vendors and communities in disaster-prone areas, aligning with government’s broader financial inclusion agenda.
Meanwhile, Sheikh Muhammad Yunus Kamoga thanked Museveni for promoting unity among Muslims and supporting the establishment of Islamic financial institutions, while appealing for presidential pardons for two detained Muslims.
The event was attended by Salaam Group CEO Mohamed Ahmed, Salaam African Bank Djibouti CEO Jamaa Hersi, and Salaam Bank Uganda Chairman Ibrahim Abdirahman, among other dignitaries.
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