KARACHI, July 18, 2023: Summit Bank Limited is pleased to announce that the State Bank of
Pakistan has granted its consent to change Summit Bank’s name to Bank Makramah Limited
(abbreviated as BML). This will become effective subject to other regulatory and corporate approvals.
This 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 (BML) 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 Bank Makramah Limited
(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 (BML) 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. Bank Makramah Limited (BML) remains committed to serving its customers and ensuring
a seamless transition throughout this transformative phase.
Bank Makramah Limited (BML) will continue to provide updates on its progress as it moves forward
in its journey toward becoming a full-fledged Islamic bank.
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