BML Islamic makes history with first fully Sharia-compliant resort financing
The Bank of Maldives (BML) has announced a historic milestone in the country’s financial sector by issuing its first fully Sharia-compliant corporate financing facility to fund the development of a luxury resort at Kasanfaru Lagoon in Kaafu Atoll.
The financing was provided through BML Islamic and will support the construction of a 5-star, 118-room resort by Sentoric Island Pvt Ltd , a joint venture between Alia Group, one of the Maldives' leading diversified businesses, and Atmosphere Hotels and Resorts, a renowned international hospitality brand currently operating nine resorts across the Maldives.
BML’s CEO and Managing Director Mohamed Shareef emphasized the significance of this achievement, stating:
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
BML’s CEO and Managing Director Mohamed Shareef
He added that the success of this project reflects the increasing interest in Islamic financing options within the corporate sector.
The bank noted that this move strengthens BML’s role as a financial innovator and highlights its commitment to expanding responsible, values-based banking in the Maldives.
Advertisement
