Borrow for Production, Not Consumption, Museveni Says at Launch of Islamic Insurance Firm

President Yoweri Museveni has officially launched Tamini General Insurance, Uganda’s first Islamic insurance company, during an Iftar dinner held at Lugogo and organised by SPA/PA Hajjat Hadijah Namyalo Uzeiye and the NRM Office of the National Chairman.

Tamini General Insurance will operate under Islamic finance principles, emphasising mutual assistance, risk sharing, and interest-free financial arrangements. The firm is working in partnership with Salaam Bank to provide Shariah-compliant insurance products.

Speaking at the launch, President Museveni welcomed the model, describing it as aligned with Africa’s traditional values of communal support.

“This is not something strange; it is our traditional way — omukwato. Borrow, but borrow for production, not for consumption,” the President said.

SPA/PA Hajjat Hadijah Namyalo Uzeye, Manager, Office of the NRM National Chairman.

He noted that the concept of mutual assistance and productive borrowing resonates with Uganda’s long-standing socio-economic practices, adding that the new insurance model could play a significant role in strengthening household resilience and enterprise growth.

The President also welcomed Tamini’s commitment to making insurance accessible to low-income earners, saying financial inclusion remains critical for Uganda’s socio-economic transformation agenda.

“I welcome Tamini and the Salaam Group. Uganda is profitable, and our growing population provides a big market,” Museveni added.

The president also heaped praise on the ONC Manager, SPA Hadijah, saying she has worked well to lobby for low income earners and ensure that they also benefit from programs previously regarded for the wealthy.

The launch marks a significant milestone in Uganda’s financial sector, expanding Islamic finance services and offering alternative risk management solutions tailored to communities seeking interest-free financial products.