Bank Makramah

Bank Makramah Limited
FormerlyArif Habib Bank (2007–2010)
Summit Bank (2010–2023)
Company typePublic
PSX: BML
IndustryBanking
Founded2006; 18 years ago (2006)
HeadquartersKarachi-75600,
Pakistan
Number of locations
193[1] (2022)
Key people
Products
  • bank loans
  • debit cards
  • savings accounts
RevenueDecrease Rs. -867 million (US$−3.0 million)[1] (2022)
Decrease Rs. -7.29 billion (US$−25 million)[1] (2022)
Decrease Rs. -3.16 billion (US$−11 million)[1] (2022)
Total assetsIncrease Rs. 140.71 billion (US$490 million)[1] (2022)
OwnerNasser Abdulla Hussain Lootah (60.44%)[2]
Suroor Investments (26.59%)[2]
Number of employees
1,645[1] (2022)
ParentSuroor Investments Limited
Websitebankmakramah.com
Former Summit Bank's branch in Karachi

Bank Makramah Limited (Urdu: بینک مکرمہ لمیٹڈ), formerly Summit Bank, is a Pakistani Islamic bank based in Karachi, Pakistan.[3]

History

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2006–2010: Arif Habib Bank

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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 2008, then known as Arif Habib Bank was listed on the Karachi Stock Exchange.[8]

2010–2023: Summit Bank

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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

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In November 2023, Summit Bank Limited was converted into an Islamic bank and accordingly renamed as Bank Makramah Limited.[12][13]

Shareholding pattern

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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]

References

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  1. ^ a b c d e f "Summit Bank Annual Report 2022" (PDF). summitbank.com.pk. Retrieved 22 November 2023.
  2. ^ a b "Shareholding pattern".
  3. ^ a b "Suroor Investment acquires AHBL". Dawn. 2 July 2009. Retrieved 6 August 2019.
  4. ^ "Rupali Bank merger". DAWN.COM. 18 July 2004.
  5. ^ "Suroor's acquisitions: Three commercial banks and now a microfinance bank". The Express Tribune. 8 February 2011.
  6. ^ "Rupali Bank branch at KSE". Brecorder. 7 August 2007.
  7. ^ "Hussain Lawai consortium to buy Arif Habib Bank". DAWN.COM. 21 October 2008.
  8. ^ Correspondent, Our Equities (3 July 2008). "Eight companies raised Rs12.7bn through IPOs". DAWN.COM. {{cite web}}: |last= has generic name (help)
  9. ^ Hussain, Arshad (10 September 2018). "Sindh Bank and Summit Bank are merging. Who is the real buyer?". Profit by Pakistan Today.
  10. ^ "Atlas Bank enters into sale deal with Mauritius firm". Dawn. 24 November 2009. Retrieved 6 August 2019.
  11. ^ "MyBank, Summit Bank: Shareholders approve merger". The Express Tribune. 25 January 2011.
  12. ^ Desk, BR Web (13 November 2023). "Summit Bank changes name to Bank Makramah Limited". Brecorder. Retrieved 27 December 2023. {{cite web}}: |last= has generic name (help)
  13. ^ 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.
  14. ^ Malik, BR Web Desk | Ahmed (31 March 2020). "Summit Bank Limited: Lootah wants to acquire majority shareholding". Brecorder. Retrieved 11 September 2020.
  15. ^ "Summit Bank's acquisition approved". www.thenews.com.pk. Retrieved 11 September 2020.
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