Gulf African Bank / Trans Africa Motors ink deal to facilitate Shari’ah compliant asset finance for FAW Trucks
New strategic partnership allows customers to access Shari’ah compliant structured financing to buy FAW trucks to expand their businesses
Nairobi, 15th March 2023 – Leading Shari’ah Compliant Bank Gulf African Bank has entered into a strategic partnership with Trans Africa Motors, the seller of leading trucks brand, FAW that will enable the Bank’s customers to access financing to facilitate acquisition of a variety of FAW trucks to expand their transportation, construction and supply chain businesses.
The partnership aims at transforming businesses’ inland transportation experiences, allowing them to reach more geographical points, successively expanding their businesses.
The partnership will allow customers keen on accessing Shari’ah compliant financing to buy FAW trucks models get the backing of Gulf African Bank and enjoy up to 80% financing. Buyers will enjoy Customized body fabrication, free intensive driver training, 2 free service plans during the 1st year after purchase amongst other benefits.
Speaking during the partnership signing ceremony, Gulf African Bank Head of Business, Ms. Saada Mohamed said, “At GAB, one of our aims is to ease the financial load of our existing and potential customers in the current business environment through such partnerships. Most of our customers plying their trade in the construction and supply chain sectors depend on trucks to reach more geographical points. The financial outlay for such assets require good a financing partner. This is where we come in. This financing arrangement is available to both GAB and non-GAB customers seeking Shari’ah compliant financing, a unique and great mode of financing. We share great synergies with Trans Africa Motors key amongst being empowering business economically and equipping them to traverse the modern business climate effectively”.
Commenting on the partnership, TransAfrica Motors Managing Director Ali Zubeidi opined that “Conventional trucking remains the safest and fastest mode of inland transport in Kenya, hence our decision to partner with like-minded institutions like Gulf African Bank who will provide affordable financing for companies in need of high quality, ultra-modern FAW trucks. Their drivers will also be fully trained to ensure they have upskilled accordingly”.
The event was graced by 50 directors drawn from leading companies that are seeking to expand their fleet and invest in ultra-modern transport solutions in Nairobi.
Gulf African Bank has combined specialist sector knowledge with financial expertise to tailor make financial solutions for companies in need of asset financing in accordance to their purpose of partnering with customers to enable their growth in a Shari’ah compliant manner.
Media Contacts
Gulf African Bank
Fathia Abdulle
Marketing and Communications
TransAfrica Motors
Wilson Amayo
Sales and Marketing
About Gulf African Bank
Gulf African Bank is the Premier Shari’ah compliant SME bank in Kenya, offering products that address the needs of not just Muslims, but everyone in the country through fair, safe and ethical banking practices. Gulf African Bank is a pioneering Islamic Bank not only in Kenya but also in the entire East African region, whose shareholders include: Istithmar (the investment arm of the Government of Dubai); Al salaam Bank (a leading regional bank headquartered in Bahrain); Sheikh Abdullah Mohammed Al Romaizan (a leading investor from Saudi Arabia); Trade Development Bank (Previously PTA Bank), GulfCap (UAE), IFC (The Private Investment Arm of World Bank) and prominent Kenyan nationals.
About Trans Africa Motors
Transafrica Motors Limited, one of the leading auto dealers in East Africa region, was founded in 2005. Transafrica Motors deals in leading global brands like Chinese First Automobile Works (FAW), Japanese TCM (Unicarriers) Forklifts, FAWDE Generators, EP Forklifts, SANY machinery and Honda brands. The founders of Transafrica Motors are also involved in logistics, manufacturing, financial services (insurance) and mining.
