Summit Bank Limited (SMBL) has undergone a significant transformation and officially rebranded as Bank Makramah Limited (BML) as of November 7, 2023. This change, approved by the State Bank of Pakistan (SBP) and the Federal Cabinet, reflects a comprehensive rebranding initiative initiated by the Board of Directors in July. The decision aligns with the bank’s broader vision for a substantial overhaul.
A key catalyst in this transformation was the acquisition of a controlling stake by UAE investor Nasser Abdulla Hussain Lootah in April. Lootah demonstrated a substantial commitment to the bank’s future by subscribing to 3.98 billion new shares at Rs2.51 per share, marking a pivotal moment in the institution’s development. With a new majority shareholder, the bank aims to undergo not only an identity transformation but also a comprehensive shift in its operational ethos.
The overarching vision is to transition into a full-fledged Islamic bank, aligning its operations with the principles of Islamic finance. This strategic move signifies a commitment to adopting a more inclusive and specialized financial approach, capitalizing on the growing market for Islamic banking in Pakistan and aligning with broader trends in global finance. The rebranding and transformation underscore a strategic commitment to adapting and thriving in the dynamic landscape of the financial industry.