Bank of Maldives has taken a historic step in expanding Islamic finance in the country, announcing its first fully funded Shari’ah-compliant corporate financing facility. The milestone project will support the development of a new luxury resort at Kasanfaru Lagoon in Kaafu Atoll.

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The resort, a five-star property featuring 118 rooms, is being developed by Sentoric Island Pvt Ltd—a joint venture between the Maldives’ diversified business leader Alia Group and Atmosphere Hotels & Resorts, an internationally acclaimed hospitality brand with a portfolio of nine resorts across the Maldives.

“This is a significant step forward for Islamic finance in the Maldives,” stated Mohamed Shareef, CEO and Managing Director of Bank of Maldives. “Not only is this the first resort project financed under BML Islamic, but it also marks the first fully funded Shari’ah-compliant resort financing in the country. It reflects the growing demand for Islamic financing instruments in the corporate sector.”

Through this financing, BML Islamic reinforces Bank of Maldives’ leadership in the financial sector—balancing innovation and progress with a commitment to responsible, value-driven banking.

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