Bank of Maldives (BML) Islamic has announced its first fully funded Shari’ah-compliant corporate financing facility to support the development of a luxury resort at Kasanfaru Lagoon in Kaafu Atoll, marking a major milestone in the expansion of Islamic finance in the country.
The 5-star, 118 room resort is being developed by Sentoric Island Pvt Ltd, a joint venture between Alia Group, a diversified business leader in the Maldives, and the globally recognised hospitality brand Atmosphere Hotels and Resorts, which currently operates 9 resorts in the Maldives.
BML’s Chief Operating Officer (CEO) and Managing Director, Mohamed Shareef said the facility is a significant step forward for Islamic finance in the Maldives.
“Not only is this the first resort project financed under BML Islamic, but this is the first fully funded Shari’ah compliant resort financing in the country and it is a clear demonstration of the growing demand for Islamic financing instruments for the corporate sector,” he said.
With this facility, BML reinforces its position as a financial leader, championing innovation while remaining firmly rooted in the values of responsible banking.