Pakistan: Summit Bank To Become Bank Makramah

Summit Bank has announced that the State Bank of Pakistan (SBP) has granted its consent to change its name to Bank Makramah (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 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 to Bank Makramah signifies the bank’s commitment to embracing Islamic finance principles and delivering innovative and ethical financial services to its valued customers. 

Bank Makramah 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 remains committed to serving its customers and ensuring a seamless transition throughout this transformative phase. 

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