Gulf African Bank (GAB) has handed over 9 transit buses financed through the lender to Pride Drive – a car hire and Rental Company to boost its business operations across the country.
This partnership signifies the bank’s commitment of growing its corporate banking segment by exploring the larger target market opportunities in corporate lending targeting SME’s through Shari’ah compliant financing instruments.
Shari’ah compliant banking is quickly taking shape in the local market with more bankers now embracing the model as an alternative means of financing their business due to its flexibility.
Speaking during the handover event at the Hino Headquarters in Nairobi, Gulf African Bank’s General Manager, Business Fazal Saib described Gulf African Bank as a local bank providing and localizing universal banking solutions.
“Corporates in Kenya should embrace Shari’ah compliant financing instruments, which are structured uniquely and ethically to ensure they are mutually beneficial to both parties,” said Saib.
The bank had reported a significant growth of Sh14.3 billion from Sh13 billion the lender recorded during a similar period last year in its financial results released last month.
The bank further registered 114percent jump in profitability to Sh577 million from Sh270 million in a similar period the previous year.
With 15 branches in operation, the bank continues to focus on its expansion strategy throughout Kenya and will continue to increase brand visibility and customer experience as well as service footprint with the opening of additional branches. The bank will also leverage on technology and expand its reach using technology based channels especially through the mobile banking platform GABPESA.
About Gulf African Bank
Gulf African Bank is one of the two fully Shari’ah compliant bank in Kenya, offering products that address the needs of not just Muslims, but everyone in the country who demands fair, safe and ethical banking practices and its shareholding structure include Istithmar World (the investment arm of the Government of Dubai); Bank Muscat International (a leading regional bank headquartered in Bahrain); Sheikh Abdullah Mohammed Al Romaizan (a leading investor from Saudi Arabia); IFC; PTA Bank; Gulf Cap (UAE) and other Kenyan investors.
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