BML Islamic has introduced the Maldives’ first fully funded Shari’ah-compliant corporate financing facility to support the development of a new luxury resort at Kasanfaru Lagoon in Kaafu Atoll.

The project is being developed by Sentoric Island Pvt Ltd, a joint venture between Alia Group, a prominent Maldivian conglomerat and Atmosphere Hotels & Resorts, a globally recognised hospitality brand currently operating nine resorts across the Maldives.

The financing will be used for the construction of a five-star resort comprising 118 rooms. 

According to the Bank of Maldives CEO and Managing Director Mohamed Shareef, this represents the first resort development financed under its Islamic banking arm, BML Islamic. He stated that the facility not only reflects growing interest in Shari’ah-compliant financial instruments within the corporate sector, but also signals a shift towards ethical and responsible financing practices in the Maldives.