Premier Shariah compliant bank, Gulf African Bank and Toyota Kenya have entered into a strategic financing partnership that will enable the bank’s Corporate and SME customers purchase Hino trucks and buses, and Hilux single and double cab pick-ups through diminishing Musharakah-based vehicle financing.
Educational institutions will nonetheless receive up to 100% financing for Hino school buses, an amount payable in 60 months, but with a three-month repayment holiday. In addition, customers who may wish to purchase personal vehicles from the Toyota or Suzuki models will be offered upto 90% financing.
Toyota Kenya Managing Director, Arvinder Reel, said the partnership with Gulf I1frican Bank opens up more opportunities for investors or customers looking at alternative financing models for the acquisition of commercial vehicles to further their businesses.
Speaking 
during the signoff ceremony, Gulf African Bank’s Deputy CEO, Anuj Mediratta said, “We are confident that by partnering with like-minded institutions like Toyota Kenya, we are going to play a critical role in spurring private sector growl:h in the country especially during this period of Covid 19 when most businesses have been affected. This financing arrangement is available to both GAB and non-GAB customers seeking Shariah compliant financing to purchase different types of motor vehicle models and motorcycles on offer from Toyota Kenya to ease their logistical challenges. This partnership further reinforces our position as the leading Shariah compliant asset financing partner in Kenya”.
Reel added, “Our Hino trucks and buses lineup provides appropriate solutions that address the rigours of any business because of the understanding of the local terrain and demands of customers businesses. We intend to continue building solid partnerships with financial institutions to ensure that more Kenyans get to enjoy the benefits of owning a Hino truck or bus. Additionally, through our grmving network of branches and dealerships across the country, customers should be assured of quality Toyota Kenya service and after sales from any part of the country.
