BML Islamic Launches Maldives' First Fully Funded Shari’ah-Compliant Resort Financing

Business

BML Islamic, the Islamic banking arm of Bank of Maldives, has announced the country's first fully funded Shari’ah-compliant corporate financing facility, aimed at supporting the development of a 5-star luxury resort at Kasanfaru Lagoon in Kaafu Atoll.

The project is being developed by Sentoric Island Pvt Ltd, a strategic joint venture between Alia Group, a well-established Maldivian conglomerate, and Atmosphere Hotels & Resorts, an internationally acclaimed hospitality brand with nine resorts already operating in the Maldives.

The upcoming resort will feature 118 rooms and is expected to elevate the country’s premium hospitality offerings while setting a new precedent in Islamic finance.

The announcement marks a milestone in the diversification of financing options in the Maldives, particularly in the hospitality sector. Through this facility, Bank of Maldives reaffirms its commitment to responsible and innovative banking while strengthening its role as a leader in ethical and Shari’ah-compliant finance.

BML Islamic continues to expand its portfolio, offering personal, SME, and corporate financing products aligned with Islamic principles, and catering to the evolving needs of the Maldivian market.