In Karachi on July 18, 2023, Summit Bank Limited is delighted to announce that the State Bank of Pakistan has granted its approval for the name change of Summit Bank to Bank Makramah Limited (BML), with the abbreviation BML. The implementation of this change is subject to obtaining other regulatory and corporate approvals. The decision to rename the bank 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 envisions Bank Makramah Limited (BML) as a leading Islamic bank, offering exceptional financial services and innovative products in accordance with Islamic principles. The transformation from Summit Bank Limited to Bank Makramah Limited (BML) signifies the bank’s unwavering commitment to embracing Islamic finance principles and providing innovative and ethical financial services to its valued customers.

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

Bank Makramah Limited (BML) will provide regular updates on its progress as it embarks on its journey toward becoming a fully-fledged Islamic bank.

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