CFAO, Almasi Offer 90% Sharia Financing for Kenyan Transport SMEs
CFAO Mobility Kenya and Almasi Financial Services Limited have launched a financing partnership targeting entrepreneurs and small businesses. The initiative offers up to 90% Sharia-compliant financing for commercial vehicles, repayable over 60 months.
The deal covers a range of commercial trucks and buses, including brands such as Mercedes-Benz, Hino, and Sinotruk vehicles that are crucial to logistics operations in the region.
CFAO Mobility Kenya, part of the multinational CFAO Group, is leveraging its nationwide distribution network to make premium vehicles available to a broader market.
“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 Joshua Anya, CFAO Mobility Kenya’s Deputy Managing Director.
Almasi Financial Services, a joint venture backed by AMEL Holding (Mansour Group) and Contact Financial Holding, brings to the table deep experience in Islamic finance.
CEO Ismail Soliman described the partnership as a strategic step toward reaching underserved business owners who may lack access to traditional lending channels. He emphasized that Almasi’s financing products are designed to align with clients' cash flow, offering competitive rates tailored to the realities of small enterprises.
“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.”
The launch comes at a time when Kenya’s commercial vehicle market is under strain, with new registrations declining significantly, according to the Kenya National Bureau of Statistics. By offering innovative and ethical financing, this partnership aims to address capital access barriers and enable transport operators to rebuild and expand their fleets.