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.

Sentoric Island Pvt Ltd is developing the 5-star, 118-room resort. It is a joint venture between Alia Group, a diversified business leader in the Maldives, and the globally recognized hospitality brand Atmosphere Hotels & Resorts, which currently operates 9 resorts in the Maldives.

CEO and Managing Director of Bank of Maldives, Mohamed Shareef, said that this was 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.”
Shareef, CEO & Managing Director BML

With this facility, Bank of Maldives reinforces its position as a financial leader, championing innovation while remaining firmly rooted in the values of responsible banking.

BML Islamic News