For the First time in the Maldives’ tourism and financial sectors, BML Islamic has launched the country’s inaugural fully Shari’ah-compliant corporate financing facility to support the development of a luxury resort at Kasanfaru Lagoon in Kaafu Atoll. The resort, a five-star property with 118 rooms, is being developed by Sentoric Island Pvt Ltd, a joint venture between Alia Group, a leading Maldivian business conglomerate, and the internationally acclaimed Atmosphere Hotels & Resorts. This milestone reflects the increasing appetite for Islamic finance among corporate entities in the Maldives and sets a new precedent for ethical and value-based investment in the country’s booming tourism industry.
The resort project is a strategic partnership between two industry powerhouses. Alia Group, a homegrown business established in the 1960s by Mr. Ali Abdulla, has evolved from its humble beginnings trading coconut wood and smoked fish into a diversified enterprise. Today, the group operates across construction, marine, and hospitality sectors and serves as the exclusive distributor of global brands such as Yamaha, Kohler, and Total Tools. Their entry into high-end resort development reflects a commitment to diversifying their portfolio while contributing to national economic growth.
Atmosphere Hotels & Resorts, known for its premium hospitality experiences, currently operates nine resorts in the Maldives and has a reputation for combining luxury with sustainable and culturally grounded practices. Their collaboration with Alia Group promises a resort experience that aligns with both world-class tourism standards and Islamic ethical principles.
BML Islamic’s financing of this project is not only the first for a resort under the institution’s Islamic banking portfolio, but also the first fully funded Shari’ah-compliant resort financing in the country’s history. Mohamed Shareef, CEO and Managing Director of Bank of Maldives, remarked, “This is a significant step forward for Islamic finance in the Maldives. It demonstrates the growing demand for Shari’ah-compliant financial instruments within the corporate sector and reaffirms our commitment to offering inclusive, responsible banking solutions.”
Since its establishment in 2016, BML Islamic has played a pivotal role in broadening access to Islamic financial products across the nation. Its offerings include personal financing, home financing, Islamic overdraft facilities, and investment accounts, all aligned with Shari’ah principles. This latest venture into resort financing expands the institution’s impact and reinforces its role in supporting the Maldives’ evolving financial infrastructure.
As global interest in halal tourism continues to rise, this development positions the Maldives as an increasingly attractive destination for Muslim travelers and investors. The integration of Islamic finance into high-value tourism projects is a testament to the country’s ongoing efforts to foster inclusive economic development while upholding religious and ethical standards.
With the Kasanfaru Lagoon resort set to become a new addition to the Maldives’ world-renowned luxury tourism landscape, this initiative marks a progressive step forward in aligning sustainable economic development with Islamic values.
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