Bank Makramah
 | |
| Formerly | Arif Habib Bank (2007–2010) Summit Bank (2010–2023) |
|---|---|
| Type | Public |
| PSX: BML | |
| Industry | Banking |
| Founded | 2006 |
| Headquarters | Karachi-75600, |
Number of locations | 193[1] (2022) |
| Key people | |
| Products |
|
| Revenue |  Rs. -867 million (US$−3.1 million)[1] (2022) |
| Rs. -7.29 billion (US$−26 million)[1] (2022) | |
| Rs. -3.16 billion (US$−11 million)[1] (2022) | |
| Total assets |  Rs. 140.71 billion (US$500 million)[1] (2022) |
| Owner | Nasser Abdulla Hussain Lootah (60.44%)[2] Suroor Investments (26.59%)[2] |
Number of employees | 1,645[1] (2022) |
| Parent | Suroor Investments Limited |
| Website | bankmakramah |
Bank Makramah Limited (Urdu: بینک مکرمہ لمیٹڈ), formerly Summit Bank, is a Pakistani Islamic bank based in Karachi, Pakistan.[3]
History
[edit]2006–2010: Arif Habib Bank
[edit]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 5 August 2006.[6][7]
In 2008, then known as Arif Habib Bank was listed on the Karachi Stock Exchange.[8]
2010–2023: Summit Bank
[edit]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
[edit]In November 2023, Summit Bank Limited was converted into an Islamic bank and accordingly renamed as Bank Makramah Limited.[12][13]
Shareholding pattern
[edit]In April 2023, Dubai-based businessman, Nasser Abdullah Hussain Lootah acquired a majority stake in Bank Makramah.[14][15]
References
[edit]- 1 2 3 4 5 6 "Summit Bank Annual Report 2022" (PDF). summitbank.com.pk. Retrieved 22 November 2023.
- 1 2 "Shareholding pattern".
- 1 2 "Suroor Investment acquires AHBL". Dawn. 2 July 2009. Retrieved 6 August 2019.
- ↑ "Rupali Bank merger". DAWN.COM. 18 July 2004.
- ↑ "Suroor's acquisitions: Three commercial banks and now a microfinance bank". The Express Tribune. 8 February 2011.
- ↑ "Rupali Bank branch at KSE". Brecorder. 7 August 2007.
- ↑ "Hussain Lawai consortium to buy Arif Habib Bank". DAWN.COM. 21 October 2008.
- ↑ "Eight companies raised Rs12.7bn through IPOs". DAWN.COM. 3 July 2008.
- ↑ Hussain, Arshad (10 September 2018). "Sindh Bank and Summit Bank are merging. Who is the real buyer?". Profit by Pakistan Today.
- ↑ "Atlas Bank enters into sale deal with Mauritius firm". Dawn. 24 November 2009. Retrieved 6 August 2019.
- ↑ "MyBank, Summit Bank: Shareholders approve merger". The Express Tribune. 25 January 2011.
- ↑ "Summit Bank changes name to Bank Makramah Limited". Brecorder. 13 November 2023. Retrieved 27 December 2023.
- ↑ Imran, Urooj (18 July 2023). "Summit Bank has a new name as it tries to leave the past behind". Profit by Pakistan Today. Retrieved 27 December 2023.
- ↑ "UAE-based investor acquires majority stake in prominent Pakistani commercial bank". Arab News. 27 April 2023. Retrieved 30 July 2026.
- ↑ "Summit Bank's acquisition approved". www.thenews.com.pk. Retrieved 11 September 2020.
External links
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