Summit Bank Limited is pleased to announce that the State Bank of Pakistan has granted permission to rename Summit Bank to Bank Makramah Limited (abbreviated as BML). This becomes effective subject to other regulatory and corporate approvals. This name change follows the recent acquisition of a majority stake in Summit Bank by prominent UAE investor, HE Nasser Abdulla Hussain Lootah.
HE 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 financial principles and providing innovative and ethical financial services to its valued clients.
Bank Makramah Limited (BML) is developing a comprehensive plan for the transition to a full-fledged Islamic bank. The bank’s transformation includes a complete overhaul of its operations, the introduction of sharia-compliant financial solutions and compliance with Islamic banking practices. Bank Makramah Limited (BML) remains committed to serving its clients and ensuring a seamless transition through this transformative phase.
Bank Makramah Limited (BML) will continue to provide updates on its progress as it progresses towards becoming a full-fledged Islamic bank.
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