Summit Bank Limited (SMBL) underwent a significant transformation, officially changing its name to Bank Makramah Limited (BML) effective November 7, 2023, following approvals from the State Bank of Pakistan (SBP) and the Federal Cabinet. This strategic shift in nomenclature reflects a comprehensive rebranding effort. The decision, initiated by the Board of Directors in July, aligns with the bank’s broader vision for a substantial overhaul.
The pivotal development in this transition was the acquisition of a controlling stake by UAE investor Nasser Abdulla Hussain Lootah in April. This move saw Lootah subscribing to 3.98 billion new shares at Rs2.51 per share, indicating a significant commitment to the bank’s future. With a new majority shareholder, the institution aims to undergo a comprehensive transformation, not only in identity but also in its operational ethos.
The overarching vision is to evolve into a full-fledged Islamic bank, bringing its operations in line with the principles of Islamic finance. This shift signifies a strategic move towards a more inclusive and specialized financial approach, tapping into the growing market for Islamic banking in Pakistan and aligning the institution with broader trends in global finance. The rebranding and transformation indicate a strategic commitment to adapting and thriving in the dynamic landscape of the financial industry.
