ISLAMABAD: Months after it announced the formal acquisition by a UAE-based investor, the Summit Bank on Tuesday informed the Pakistan Stock Exchange that its name had been changed.
In a notification sent to Pakistan Stock Exchange, the bank said that its new name is Bank Makramah Limited, which had been approved by the State Bank of Pakistan.
The notice further read that the change of the name would become effective after other regulatory and corporate approvals.
Bank said in a statement that the name change followed the recent acquisition of a controlling stake in by Nasser Abdulla Hussain Lootah, a prominent UAE-based investor.
Bank’s vision
It added that Lootah’s vision for Bank Makramah Limited is to develop it into a top Islamic bank, providing exceptional services and innovative products in line with Islamic principles.
It said that the name change signified the bank’s commitment to embracing Islamic fiscal principles and providing innovative and ethical financial services to its customers.
The statemnet added that BML was developing a comprehensive plan to transition into an entirely Islamic bank. It would be done through a full overhaul of its operations, adherence to Islamic banking practice, and introduction of Shariah-compliant financial solutions.
