Pakistan’s Summit Bank Limited announced on July 18 that it had changed its name to Bank Makramah Limited (BML) following its acquisition by United Arab Emirates-based investor Nasser Abdulla Hussain Lootah earlier this year.
The bank announced that the State Bank of Pakistan (SBP) has approved the request to change Summit Bank’s name to Bank Makramah Limited
(abbreviated as BML) after the completion of the acquisition and management control of the bank.
“The name change from Summit Bank Limited to Bank Makramah Limited signifies the bank’s commitment to embracing Islamic finance principles and delivering innovative and ethical financial services to its valued customers,” the official statement stated.
“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 statement added.
Bank Makramah Limited (BML) said that it will continue to provide updates on its progress as it moves forward in its journey toward becoming a full-fledged Islamic bank.
The bank was a subsidiary of Mauritius-based firm Suroor Investment Limited, which owned 66.77% of the company’s issued share capital, according to the bank’s 2021 annual report. However, Lootah now holds 51% stakes along with management control.
Former troubles: Summit Bank has never been highly profitable and posted a modest net profit after taxation only in 2014 and 2015 in the past 10 years, according to Profit. The bank landed into controversy in 2018 following a Federal Investigation Agency (FIA) investigation into alleged money laundering cases against 13 firms including Zardari Group and Omni firm.