Bank Makramah Limited (Urdu: بینک مکرمہ لمیٹڈ), formerly Summit Bank, is a Pakistani Islamic bank based in Karachi, Pakistan.[3]
History
2006–2010: Arif Habib Bank
Bank Makramah Limited's origins go back to Rupali Bank Limited, which had a limited presence as a foreign bank. Due to an increase in paid-up capital requirements by the State Bank of Pakistan, it became difficult for the bank to operate as a stand-alone entity.[4] 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.[5] The resulting bank was named Arif Habib Rupali Bank, and it began operations on August 5, 2006.[6][7]
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.[3] Later in 2010, Arif Habib Bank Ltd. was rebranded under the name of Summit Bank Ltd.[9]
Suroor Investments Ltd. acquired the majority shares of Atlas Bank Ltd. and MyBank Ltd.[10] and these banks were later on came under the umbrella of Summit Bank Ltd.,[11] increasing the network of the bank to over 193 branches in the country.
2023–present: Bank Makramah
In November 2023, Summit Bank Limited was converted into an Islamic bank and accordingly renamed as Bank Makramah Limited.[12][13]
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.[14][15]
