
CFAO Mobility Kenya and Almasi Financial Services Limited have unveiled a strategic partnership offering customers 90% Sharia-compliant financing for commercial vehicles, payable over 60 months. The collaboration aims to boost Kenya’s transport and logistics sector by providing entrepreneurs with affordable access to heavy commercial trucks through ethical financing options.
Partnership Unveils Access to Premium Commercial Vehicles
The financing package covers a comprehensive range of robust vehicle models including Mercedes-Benz Trucks & Buses, Hino, and Sinotruk, addressing critical needs in Kenya’s commercial transport sector. This partnership represents a significant development in Kenya’s automotive financing landscape, expanding access to quality vehicles for business operators.
Joshua Anya, CFAO Mobility Kenya’s Deputy Managing Director, emphasized their commitment to creating necessary enablers for easy access to various vehicle brands nationwide.
“Through this arrangement, our customers will not only enjoy a convenient payment plan but also a simplified, convenient path to acquiring critical business assets, with a Sharia-compliant financing partner. This is an empowering offer that speaks directly to the entrepreneurial spirit driving our economy forward,” said Anya.
Sharia-Compliant Financing Meets Market Demand
Almasi Financial Services Limited, established as a joint venture between AMEL Holding (Mansour Group) and Contact Financial Holding, brings specialized expertise in Sharia-compliant asset-based financing to the partnership. The company focuses on delivering structured, accessible financing solutions across key sectors in Kenya.
Ismail Soliman, Almasi Financial Services Limited Chief Executive Officer, highlighted the partnership’s strategic importance: “This new cooperation marks a significant step toward serving customers in Kenya who may not have access to conventional sources of funds, while allowing us to reach untapped segments of the Kenyan market.”
Soliman added that their facilities will be competitively priced compared to existing alternatives and can be tailored to suit each business’s unique nature and cash flow realities.
Addressing Commercial Vehicle Market Challenges
This partnership comes at a critical time for Kenya’s commercial vehicle market, which has faced significant headwinds in recent years. With new registrations declining substantially according to the Kenya National Bureau of Statistics, innovative financing solutions have become essential for market recovery.
CFAO Mobility Kenya, a subsidiary of the CFAO Group, operates through a network of 40 branches, dealerships, and authorized service centers across Kenya. The company represents multiple international brands including Toyota, Mercedes-Benz, Hino trucks, Suzuki, Yamaha motorcycles, and Sinotruk.
Supporting Financial Inclusion and Economic Development
The partnership directly addresses financial inclusion challenges by serving transport entrepreneurs who prefer ethical financing options. The 60-month repayment period provides manageable cash flow implications for businesses, allowing operators to generate revenue while meeting their financing obligations.
Kenya’s transport and logistics sector serves as a critical economic backbone, particularly given the country’s role as East Africa’s primary trade gateway. The sector accounts for approximately 12% of Kenya’s GDP, highlighting commercial vehicles’ importance in supporting economic growth.
Long-Term Market Impact
As Kenya continues investing in transport infrastructure development, this partnership positions both companies to benefit from the country’s long-term economic growth prospects. The collaboration exemplifies how strategic partnerships can drive financial inclusion while supporting sector-specific growth requirements.
The success of this financing model could potentially expand to cover additional vehicle categories or markets, given both companies’ growth ambitions and their complementary expertise in automotive distribution and Sharia-compliant financing solutions.