In a landmark move for the Maldivian banking and tourism sectors, BML Islamic has announced its inaugural fully Shari’ah-compliant corporate financing facility to support the development of a luxury resort at Kasanfaru Lagoon in Kaafu Atoll. This initiative marks the country’s first resort project financed entirely under Islamic banking principles, signaling a significant advancement in the nation’s financial landscape.
The forthcoming five-star resort, featuring 118 rooms, is being developed by Sentoric Island Pvt Ltd, a joint venture between Alia Group—a diversified Maldivian conglomerate—and Atmosphere Hotels & Resorts, a globally recognized hospitality brand operating nine resorts across the Maldives.
Mohamed Shareef, CEO and Managing Director of Bank of Maldives, emphasized the importance of this development: “This is 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, and it is a clear demonstration of the growing demand for Islamic financing instruments for the corporate sector.”
Alia Group, established in the 1960s by Mr. Ali Abdulla, has evolved from trading coconut wood and smoked fish to becoming a leading enterprise in the Maldives. The group’s ventures span various sectors, including construction, marine, and hospitality, and it holds exclusive distribution rights for renowned brands like Yamaha, Kohler, and Total Tools. Alia’s involvement in the Kasanfaru Lagoon project underscores its commitment to diversifying and strengthening the Maldivian economy.
Atmosphere Hotels & Resorts brings a wealth of experience to the partnership, with a portfolio of luxury resorts known for their exceptional service and sustainable practices. Their collaboration with Alia Group is poised to deliver a resort that not only meets high standards of luxury but also aligns with Islamic principles.
BML Islamic, launched in 2016, has been at the forefront of providing Shari’ah-compliant financial services in the Maldives. The institution offers a range of products, including personal and home financing, Islamic overdrafts, and investment accounts. This latest financing facility for the Kasanfaru Lagoon resort represents a significant milestone in BML Islamic’s mission to cater to the growing demand for Islamic finance solutions in the corporate sector.
As the Maldives continues to attract global investors and tourists, the integration of Islamic finance into large-scale projects like the Kasanfaru Lagoon resort reflects the nation’s commitment to inclusive and diversified economic growth.
