Banking & Finance

We are market leaders in banking and finance relating to the Maldives, with unparalleled experience in the space. We are the leading choice for lenders extending debt finance to local borrowers and projects in the region. We advise on a wide range of financing structures and solutions for banks, debt funds and other lenders, and continue to command a significant share of the market—both in value and in number of deals.

Project and infrastructure finance

SHC is the leading choice for the financing and development of projects in the Maldives, including resort hotel developments and infrastructure projects. We have advised on a number of first-of-its-kind transactions, such as acting for HSBC and a syndicate of lenders on a USD 300 million financing for a Pontiac Group lagoon development, and acting for Industrial Commercial Bank of China on the financing for construction of the Malé–Hulhumalé bridge and link road.

Acquisition finance

Asset acquisitions, particularly within Maldives’ hospitality sector, form a substantial part of our experience. Notable engagements include acting for Aareal Bank AG, Germany, on the acquisition of Conrad Maldives Rangali Island, and advising on the Anantara hotels acquisition by the Blackstone Group in 2018.

Aviation finance

Various financiers have engaged us on aircraft purchases, leasing, and the securitization of aviation assets, including Mauritius Commercial Bank, HSBC, and Bank of Canada.

Development finance

A number of development banks, including the IFC, the World Bank, and the OPEC Fund, have worked with us on projects across the Maldives since 2002. For instance, we acted for the IFC on a USD 100 million loan facility, alongside parallel lenders, to Bank of Maldives for financing the hospitality industry impacted by COVID-19.

Islamic finance

The growing role of Islamic finance in global markets is an area we have followed closely. Islamic banks, international banks, and corporations have engaged us on the structuring and documentation of Murabaha, Musharaka, Ijarah, Istisna’a, Sukuk, Mudaraba, and Wakala financings.

Banking regulatory and compliance

We act as counsel for a number of Maldives-based banks including HSBC, Bank of Ceylon and Mauritius Commercial Bank in providing day-to-day regulatory advice and care in respect of Maldives banking matters.