Editorial
President Yoweri Kaguta Museveni has on Tuesday launched Tamini General Insurance, Uganda’s first Islamic Insurance firm.
Tamini General Insurance is a conglomerate of Saalam Group designed to offer Sharia alternative insurance services based on mutually beneficial terms with joint insurance guarantees for insurers and the insured.
The event took place on Tuesday at Millennium Park – Lugogo, Kampala City during an Iftar dinner organised by the Senior Presidential Advisor Political Affairs and Head of NRM National Chairman’s Office, Hajjat Hadijah Namyalo.
“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.
He rallied the Muslim community to invest in commercially viable economic ventures as opposed to consumptive spending.
President Museveni also applauded Salaam Group for extending all inclusive financial services and products that cover both low- and middle-income earners and defined their operations as a comprehensive financial cycle that offer financing and insurance options.
Mr. Mohamed Bahdon, group CEO Tamini Insurance identified the three operational pillars for their firm on the Ugandan market that include ethical investment, transparent oversight and collective participation to meet the overall objective of financial inclusion for all.
He noted that Islamic based Insurance will offer affordable insurance options and redefine the country insurance landscape and a new echo system to that effect aligned to Uganda’s vision 2040.
The Chief Executive Officer of Insurance Regulatory Authority (IRA), Alhaji Ibrahim Kaddunabbi Lubega reported that Uganda’s insurance sector has gradually muscled up to over Shs2 trillion with higher projections from the new sharia based Islamic Insurance scheme on board brought by Tamini General Insurance.
Alhaji Kaddunabbi revealed that currently the global Sharia based Insurance is valued at USD 36.6 billion and projected to hit over USD 75 billion by 2033 and Uganda adopting the same, renders immense opportunities to the country’s insurance sector to blossom further.
