Associated Motor Finance

What Associated Motor Finance does

Associated Motor Finance Company PLC is a Sri Lanka-licensed, Colombo Stock Exchange-listed non-bank financial institution (ticker: AMF.N0000) formed through the April 2021 merger of Associated Motor Finance (founded 1962) and Arpico Finance Company PLC (founded 1951). The company operates an island-wide branch network and offers a diversified suite of retail and SME financial products — vehicle leasing and hire purchase (with a marketed 48-hour approval turnaround), SME and business loans, fixed deposits with tenors from one month to five years, savings accounts (including a children's 'Diri Ithurum' product), Shariah-compliant finance through its Al-Jabal Alternative Finance Unit, and direct vehicle sales of imported commercial vehicles and SUVs with mechanical warranties. Its customer base spans individual consumers, SME borrowers across informal-sector trades, retail and corporate depositors (with senior-citizen pricing tiers), and Islamic-finance customers across Sri Lanka. Revenue is generated primarily through recurring net interest spread on the lending book funded by deposits, plus one-time income from proprietary vehicle sales.

The business runs on a sales-led, omnichannel go-to-market: dedicated sales teams reachable via WhatsApp (+94 11 730 8080), call-center hotlines, door-to-door service for leasing, and branch-based relationship management, supplemented by the AMF Self-Care portal (selfcare.amf.lk) and AMF Pay-Online payment gateway (ipg.amf.lk). Technology assets include an internally developed Anti-Money Laundering software solution (recognized with the NBQSA 2020 Merit Award) and the VLog mobile application for field recovery management (2nd Runner-Up, SLT Zero One Awards 2019), both reflecting in-house build rather than third-party dependencies. The company is registered with the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011, holds an LRA BB (Stable) credit rating reaffirmed in February 2025, and is ISO/IEC 27001:2013 certified by Bureau Veritas for information security management. Governance shows significant L B Finance PLC and Pan Asia Banking Corporation PLC board representation, with T.M.A. Sallay as Executive Director/CEO and Chandrin Fernando as Deputy CEO post-merger.

Name

Associated Motor Finance

Legal name

Associated Motor Finance Company PLC

Website

https://amf.lk

Company type

Public

Founded year

1962

Operating status

Operating

Headcount range

251–500 employees

Short description

Associated Motor Finance Company PLC is a Sri Lankan non-bank financial institution offering vehicle leasing and hire purchase, SME loans, fixed deposits, savings, Islamic finance (Al-Jabal), and vehicle sales to retail and SME customers across Sri Lanka via an island-wide branch and digital channel network.

Ownership category

akta.pro rank

Product category

Vehicle Leasing & Consumer Finance

NAICS

Finance and Insurance (52)

SIC

Finance Services (6199)

akta.pro primary industry

SME Equipment & Asset Finance (Leasing, Fleet, Capex) (FSABABAH)

akta.pro secondary industries

Fleet & Commercial Vehicle Finance (FSAKADAE), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic SME & Commercial Banking (FSABAGAB)

Keywords

• Vehicle leasing
• Hire purchase financing
• Fixed deposits
• Savings accounts
• Islamic finance

Headquarters

HQ city

Colombo

HQ country

Sri Lanka

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Vehicle Leasing & Hire Purchase: AMF provides leasing and hire purchase financing for new and registered vehicles including cars, SUVs, vans, single cabs, dual purpose vehicles, bikes, and three-wheelers. Revenue is generated through interest/lease payments over the tenure of the agreement.
2. Fixed Deposits: AMF accepts fixed deposits from retail and corporate customers at competitive interest rates, with tenures ranging from 1 month to 5 years. Interest is paid monthly, quarterly, bi-annually, annually, or at maturity. This is a key funding source for the company's lending operations.
3. SME & Business Loans: AMF provides short-term loans and working capital facilities to small and medium enterprises, including traders, carpenters, fishermen, farmers, and yogurt producers. Revenue is generated through interest income on the loan portfolio.
4. Savings Accounts: AMF offers regular savings accounts and children's savings accounts (Diri Ithurum), providing competitive interest rates. Immediate loan facilities up to 90% of the account balance are available to depositors, creating cross-sell opportunities.
5. Islamic Finance (Al-Jabal): AMF's Alternative Finance Unit (AFU) branded as Al-Jabal offers Shariah-compliant financing products including Wakalah term investments and Ijarah vehicle financing. Revenue is generated through profit/rental payments rather than conventional interest.
6. Vehicle Sales: AMF imports and sells premium vehicles including heavy commercial vehicles (Renault, DAF, Volvo), SUVs (Land Rover, Defender), and light commercial vehicles, with guaranteed mechanical warranties. Vehicles are sold alongside financing packages.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Associated Motor Finance Company PLC (AMF) is a Sri Lankan non-banking financial institution that provides vehicle leasing and hire purchase financing (cars, SUVs, vans, bikes, three-wheelers), fixed deposits, savings accounts, SME and business loans, and Shariah-compliant Islamic finance products (Wakalah investments and Ijarah vehicle financing under the Al-Jabal brand). It also imports and sells vehicles with guaranteed mechanical warranties, distributing all products through an island-wide branch network, digital self-service portals, and direct sales channels.

Product overview

Associated Motor Finance Company PLC operates as a diversified financial services company offering a comprehensive suite of products including vehicle leasing and hire purchase, SME/business loans, fixed deposits, savings accounts, Islamic finance (Al-Jabal), and vehicle sales. The company was formed through the merger of Associated Motor Finance Company PLC (established 1962) and Arpico Finance Company PLC (established 1951), officially completed in April 2021. The product portfolio centers on vehicle financing (leasing and hire purchase), supported by deposit-taking products (fixed deposits and savings), Islamic finance alternatives, and direct vehicle sales—all designed to serve personal and business financial needs across Sri Lanka's island-wide branch network.

Differentiator

Problem solved

Functional benefit

Products and services

• Vehicle Leasing & Hire Purchase Vehicle leasing and hire purchase facilities for both registered and unregistered vehicles, including cars, SUVs, vans, single cabs, dual purpose vehicles, bikes, and three-wheelers. Features quick 48-hour approvals and flexible terms, serving individual consumers and SMEs across Sri Lanka.
• AMF Loans (SME & Business Loans) Short-term business loans and working capital facilities for small and medium enterprises including traders, carpenters, fishermen, farmers, and yogurt producers. Provides hassle-free short-term financing for working capital and asset purchases tailored to irregular SME cash flows.
• Fixed Deposits Investment products with competitive interest rates and flexible tenure options ranging from 1 month to 5 years. Interest payment options include monthly, quarterly, bi-annually, annually, or at maturity. Special promotional tenures (100/200/400 days, 37 months) and senior citizen enhanced rates are offered.
• Savings Accounts (including Diri Ithurum children's savings) Regular savings accounts and children's savings accounts (Diri Ithurum) offering competitive interest rates with a minimum opening deposit of Rs. 2,500. Immediate loan facilities up to 90% of account balance are available to depositors for cross-sell, with no service charges during working hours.
• Islamic Finance (Al-Jabal) - Wakalah & Ijarah Shariah-compliant financing alternatives operated through AMF's Alternative Finance Unit (AFU) under the Al-Jabal brand, including Wakalah term investments (minimum Rs. 25,000, tenures 3-60 months) and Ijarah vehicle financing. Products generate profit/rental payments rather than conventional interest and operate under a Shariah Supervisory Board.
• AMF Vehicle Sales Direct vehicle imports and sales including heavy commercial vehicles (Renault, DAF, Volvo), SUVs (Land Rover, Defender), and light commercial vehicles. Vehicles are sold with guaranteed mechanical warranties and are packaged alongside AMF financing options.

Quantifiable outcome

• Vehicle loan approvals in 48 hours

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Pan Asia Banking Corporation PLC: Sri Lankan licensed commercial bank with significant board overlap with AMF. Broader banking services overlap with AMF's deposit and SME lending products, but operates under a commercial banking license.
• Hatton National Bank PLC: One of Sri Lanka's largest private banks offering vehicle leasing, SME loans, deposits, and Islamic banking through its subsidiary. Broader incumbent competing with AMF across multiple product lines.

Direct peers

• Central Finance PLC: One of Sri Lanka's oldest NBFCs (founded 1957) with a strong hire purchase and leasing franchise alongside deposits and loans. Directly comparable to AMF on legacy, customer base, and product mix.
• Commercial Credit & Finance PLC: Sri Lankan NBFC focused on fixed deposits, leasing, and personal/SME loans with island-wide branches. Closely comparable business model, customer segments, and product set to AMF.
• Vallibel Finance PLC: Mid-tier Sri Lankan NBFC focused on leasing, hire purchase, and deposits. Comparable on product suite and target customer segments, though smaller in scale than AMF.
• L B Finance PLC: Largest NBFC in Sri Lanka offering leasing, hire purchase, SME loans, fixed deposits, and Islamic finance. Most directly comparable peer given overlapping board composition and near-identical product suite including vehicle financing.
• Citizens Development Business Finance PLC (CDB): Sri Lankan NBFC offering leasing, SME loans, and deposits with strong island-wide presence. Comparable in scale, customer segmentation, and vehicle/SME lending focus to AMF.
• Lanka ORIX Leasing Company PLC (LOLC Finance): Major Sri Lankan leasing and finance company (part of LOLC Group) offering vehicle leasing, SME loans, and Islamic finance. Direct competitor in hire purchase and comparable in scale to AMF.

Emerging players

• Shriram Finance (India): India's largest vehicle finance NBFC specializing in used and new vehicle loans, SME loans, and deposit products. Comparable business model and vehicle finance focus, though operating in a much larger market.

Regional players

• HDFC Credila (India): Indian NBFC focused on vehicle and asset financing with SME lending. Comparable product architecture to AMF but operating in a different geographic market (India vs. Sri Lanka).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/associated-motor-finance-co-plc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Associated Motor Finance