Karachi, July 18, 2023 – State Bank of Pakistan (SBP) has granted approval to Summit Bank Limited to change its name ‘Bank Makramah Limited (BML).
The approval is subject to regulatory and corporate endorsements and will mark a significant milestone for the bank.
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The decision to change the name comes after the acquisition of a controlling stake in Summit Bank by H.E. Nasser Abdulla Hussain Lootah, a prominent investor from the United Arab Emirates. Lootah envisions Bank Makramah Limited (BML) as a leading Islamic bank that will offer exceptional financial services and innovative products in accordance with Islamic principles.
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The rebranding from Summit Bank Limited to Bank Makramah Limited (BML) underscores the institution’s dedication to embracing Islamic finance principles and delivering ethical and innovative financial solutions to its valued customers.
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Bank Makramah Limited (BML) is currently in the process of formulating a comprehensive plan to transition into a full-fledged Islamic bank. This transformation will involve a complete revamp of its operations, the introduction of Shariah-compliant financial solutions, and a commitment to Islamic banking practices. Throughout this transformative phase, Bank Makramah Limited (BML) remains committed to providing seamless services to its customers.
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Bank Makramah Limited (BML) will keep stakeholders informed about its progress as it advances toward its goal of becoming a fully operational Islamic bank.
