null Royal Group secures world’s first Islamic green hospitality financing
Royal Group secures world’s first Islamic green hospitality financing
24 Mar 2021 | Wednesday Source: The Asset
The Singapore-based Royal Group of Companies has obtained the world’s first Islamic green financing in the hospitality sector totaling S$250 million (US$186.57 million) from Maybank Singapore. The facility, which represents the Royal Group’s first foray into the sustainability finance, is earmarked for the construction of Raffles Sentosa Resort & Spa Singapore and for the upgrading of the existing Sofitel Singapore Sentosa Resort & Spa.
The principles of sustainability are closely aligned with the objectives of Shariah, which promote and enhance sustainable development through the principles of fairness, equality and ethics. These Islamic green-financed hotels will embed Shariah-compliant and sustainability concepts in its building design and operations. With green and socially responsible commitment, Royal Group is aiming to improve its business sustainability, which bodes well for environmental conservation, and enhance operational efficiency, which will bring about long-term financial savings.
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