BML makes history with Sharia-compliant full-funding for development of luxury resort

Bank of Maldives (BML) Islamic on Sunday announced its first fully funded Sharia-compliant corporate financing facility to support the development of a luxury resort at Kasanfaru Lagoon in K. 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 recognized hospitality brand Atmosphere Hotels and Resorts which currently operates nine resorts in the Maldives.

Mohamed Shareef, the CEO and Managing Director of BML, described this as 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,” he said.

Saeed believes this is a clear demonstration of the growing demand for Islamic financing instruments for the corporate sector.

With this facility, BML seeks to reinforce its position as a financial leader, championing innovation while remaining firmly rooted in the values of responsible banking.