Gulf African Bank Enters Into a Strategic Financing Partnership With DT Dobie
Monday, 25th July 2022 – Gulf African Bank Kenya and DT Dobie have sealed a deal that will be offering Shari’ah compliant Financing for their commercial vehicles by the bank. This financing offer applies to both existing Gulf African Bank clients and new clients, including those referred by the vehicle distributor. Under the agreement, registered SMEs and corporates will be able to acquire Mercedes Benz trucks and buses and Hyundai light trucks with the financing of up to 90 percent for a maximum tenor of 60 months.
Speaking during the signoff ceremony, Gulf African Bank’s Chief Executive Officer, Anuj Mediratta said, “As a leading Shari’ah compliant bank, we are keen on developing joint, combined or complementary programs to ensure our customers unlock their full potential and participate optimally in the sectors they are in. We encourage all Kenyans who are running registered businesses to tap into this partnership and take advantage of our financing package to maintain and expand their businesses through DT Dobie’s heavy and light commercial trucks. We are keen on easing the financial load of institutions by also offering value additions like termly repayments for schools to help them manage their cash flows”.
Chris Ndala, the Managing Director of DT Dobie said, “Assets drive up production and value of businesses. The Mercedes and Hyundai trucks we are offering under this financing arrangement are affordable, reliable and durable. We have a range of midsize, large light-duty and large heavy-duty trucks making them ideal for any corporate business, or SME in need of high-performance vehicles. Customers will enjoy a three-year warranty, guaranteed fuel efficiency and configurations that make them the best load carriers for any terrain locally and regionally”.
Sarfraz Premji the Sales Manager for Hyundai Trucks added, “I am very happy to have the asset financing support provided by Gulf Africa Bank to help us meet the growing demand for Hyundai light trucks which have capacities of five, seven and nine tonnes. We are experiencing increasing interest in light commercial vehicles by fast moving goods distributors, bakeries, builders, manufacturing companies and transporters.”
Mercedes Benz and Hyundai are leaders in their respective auto segments and are known for their durability. DT Dobie offers its buyers a scheduled maintenance program to ensure their customer’s vehicles perform optimally. As a financial intermediary, Gulf African Bank continues to play a pivotal role in supporting the growth of SMEs, in this case strengthening their logistics preparedness.
ABOUT GULF AFRICAN BANK
Gulf African Bank is the Premier Shari’ah compliant 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 World (the investment arm of the Government of Dubai); Alsalam Bank-Bahrain (a leading regional bank headquartered in Bahrain); Sheikh Abdullah Mohammed Al Romaizan (a leading investor from Saudi Arabia); Trade Development Bank (Previously PTA Bank), IFC (The Private Investment Arm of World Bank) among others.
ABOUT DT DOBIE
Colonel David Dobie, a veteran of World War II, formed DT Dobie in 1949. From humble beginnings, the company started out with the Mercedes-Benz franchise for East Africa which included both passenger and heavy commercial vehicles.
In 2014 the Company was appointed as the franchise dealer for Volkswagen passenger cars and light commercial vehicles.
Hyundai light trucks are also sold and serviced by DT Dobie and have been assembled locally for eight years.
In 2017 DT Dobie and Daimler Bus Division launched Mercedes-Benz buses which are locally assembled.
DT Dobie has state-of-the-art after-sales service facilities in Nairobi and at branches in Mombasa, Nakuru, and Kisumu with dealers and service centres countrywide. The workshops are staffed by factory-trained engineers and technicians backed by stocks of genuine spare parts.
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