The Bank of Maldives (BML) has provided Sharia-compliant Islamic financing for the development of a resort for the first time in the country.
BML said the bank provided Sharia-compliant corporate financing to develop a luxury resort in the Kaafu atoll Kasanfaru lagoon.
This is the first time a resort will be developed with Islamic financing.
The five-star resort is being developed by a joint venture between Alia Investments and Atmosphere Hotels and Resorts.
Atmosphere Hotels and Resorts already operates several resorts in the country.
