Gulf African Bank in Shariah financing partnership deal with Toyota Kenya ofup to 95%

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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.