Bank of Maldives (BML) Islamic has announced a landmark development in the nation’s financial sector, unveiling the first fully funded Shari’ah-compliant corporate financing facility to support the construction of a new luxury resort in Kaafu Atoll’s Kasanfaru Lagoon.
The project will see the development of a five-star, 118-room resort by Sentoric Island Pvt Ltd—a joint venture between the prominent Maldivian conglomerate Alia Group and global hospitality brand Atmosphere Hotels & Resorts, which currently operates nine resorts in the Maldives.
Describing the initiative as a significant milestone, BML CEO and Managing Director Mohamed Shareef highlighted its broader implications for Islamic finance in the country. “This is a significant step forward for Islamic finance in the Maldives,” he stated. “Not only is this the first resort project financed under BML Islamic, but it is also the first fully funded Shari’ah-compliant resort financing in the country. It is a clear demonstration of the growing demand for Islamic financing instruments for the corporate sector.”
The financing facility underlines BML’s commitment to supporting innovation within the banking sector while staying true to the principles of responsible banking. The project is seen as a catalyst for future growth in Islamic corporate finance, particularly in sectors such as tourism and infrastructure development.
By facilitating this pioneering resort development, Bank of Maldives further cements its role as a financial leader dedicated to delivering ethical and inclusive banking solutions across the country.