LAHORE – State Bank of Pakistan has allowed Summit Bank Limited to change its name to Bank Makramah Limited (BML) subject to other regulatory and corporate approvals.
UAE entrepreneur Nasser Abdulla Hussain Lootah has recently acquired a controlling stake in Summit Bank with the vision to develop it into a leading Islamic bank with improved service delivery and providing innovative products in line with Islamic principles.
The name change signifies the bank’s commitment to embracing Islamic finance principles and delivering innovative and ethical financial services to its valued customers, Summit Bank spokesperson said in a statement.
Bank Makramah Limited (BML) is developing a comprehensive plan for transition into a full-fledged Islamic bank, and the transformation will involve a complete overhaul of its operations, introduction of Shariah-compliant financial solutions, and adherence to Islamic banking practices, the statement reads. It further adds that the bank remains committed to serving its customers and ensuring a seamless transition throughout this phase.
Bank Makramah Limited (BML) will continue to provide updates on its progress as it moves forward in its journey towards becoming a full-fledged Islamic Bank, the statement further reads.
