Summit Bank changes name to Bank Makramah Ltd

KARACHI: Summit Bank Limited on Tuesday announced that the State Bank of Pakistan had granted its consent to change Summit Bank’s name to Bank Makramah Limited (abbreviated as BML).

The new name will become effective subject to other regulatory and corporate approvals. The name change follows the recent acquisition of a controlling stake in Summit Bank by prominent UAE investor, H.E. Nasser Abdulla Hussain Lootah.

H.E. Nasser Abdulla Hussain Lootah’s vision for Bank Makramah Limited is to develop it into a leading Islamic bank, providing exceptional financial services and innovative products in line with Islamic principles. The name change from Summit Bank Limited to BML signifies the bank’s commitment to embracing Islamic finance principles and delivering innovative and ethical financial services to its valued customers.

Bank Makramah Limited is in the process of developing a comprehensive plan to transition into a full-fledged Islamic bank. The bank's transformation will involve a complete overhaul of its operations, introduction of Shariah-compliant financial solutions, and adherence to Islamic banking practices. BML remains committed to serving its customers and ensuring a seamless transition throughout this transformative phase.

The bank said it would continue to provide updates on its progress as it moves forward in its journey toward becoming a full-fledged Islamic bank.

The Dubai-based businessman first expressed interest in acquiring at least 51 percent stakes in Summit Bank in 2021, aiming to acquire the bank along with management control.At the time, Lootah held 0.51 percent, or 13 million stakes, in the bank.Following the interest, he officially acquired the bank earlier this year after the move was approved by the SBP, Securities and Exchange Commission of Pakistan, and the Competition Commission of Pakistan.