Bank Makramah Limited ( ur, بینک مکرمہ لمیٹڈ), formerly Summit Bank, is a Pakistani

Islamic bank Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics ...

based in

Karachi Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former cap ...

, Pakistan.

History

Bank Makramah Limited's origins go back to

Rupali Bank Limited Rupali Bank ( bn, রূপালী ব্যাংক) is a state owned commercial bank in Bangladesh. Its headquarters is in 34 Dilkusha, Dhaka. Kazi Sanaul Haque is the chairman of the bank. Mohammad Jahangir is the managing director of the ...

, which had a limited presence as a foreign bank. Due to an increase in paid-up capital requirements by the

State Bank of Pakistan The State Bank of Pakistan (SBP) ( ur, ) is the Central Bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was Nationalized and ...

, it became difficult for the bank to operate as a stand-alone entity. In 2006, Arif Habib Securities Limited acquired the Pakistani operations of Rupali Bank Limited, under the Scheme of Amalgamation by the State Bank of Pakistan. The resulting bank was named Arif Habib Rupali Bank, and it began operations on August 5, 2006. In 2008, then known as Arif Habib Bank was listed on the

Karachi Stock Exchange The Karachi Stock Exchange ( ur, or PSX-KSE) was a stock exchange located in Karachi, Pakistan. Since 1947, it has been located at the Stock Exchange Building on I. I. Chundrigar Road. It has now been consolidated in the Pakistan Stock Exchan ...

2010–2023: Summit Bank

In 2010, Suroor Investments Ltd. acquired a 59.41 percent stake in Arif Habib Bank Ltd. Suroor Investments is an investment firm based in Mauritius. Later in 2010, Arif Habib Bank Ltd. was rebranded under the name of Summit Bank Ltd. Suroor Investments Ltd. acquired the majority shares of Atlas Bank Ltd. and MyBank Ltd. and these banks were later on came under the umbrella of Summit Bank Ltd., increasing the network of the bank to over 193 branches in the country. In November 2023, Summit Bank Limited was converted into an

and accordingly renamed as Bank Makramah Limited.

Shareholding pattern

Dubai-based businessman, Nasser Abdullah Hussain Lootah, has shown intention to acquire majority shareholding (at least 51 percent) of Summit Bank Limited while ensuring that the bank complies with the minimum capital requirements and capital adequacy ratio prescribed by the State Bank of Pakistan.

References

External links

* Banks of Pakistan Companies based in Karachi Banks established in 2006 Pakistani companies established in 2006 2008 initial public offerings Companies listed on the Pakistan Stock Exchange Pakistani subsidiaries of foreign companies Mergers and acquisitions of Pakistani companies {{Pakistan-company-stub