Bank Makramah

Bank Makramah
FormerlyArif Habib Bank (2007–2010)
Summit Bank (2010–2023)
Company typePublic
PSX: BML
IndustryBanking
Founded2006 (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

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

2010–2023: Summit Bank

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 is the majority shareholder of Bank Makramah.[14]

References

  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. ^ "Summit Bank's acquisition approved". www.thenews.com.pk. Retrieved 11 September 2020.
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