BML provides Maldives' first Shari’ah compliant resort financing
The resort is being developed by a joint venture between Alia Group and Atmosphere Core.
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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 Core, which currently operates 9 resorts in the Maldives.
“This is a significant step forward for Islamic finance in the Maldives” said Mohamed Shareef, CEO and Managing Director of Bank of 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.”
