Bank Makramah Limited (), formerly Summit Bank, is a Pakistani

Islamic bank Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...

based in

Karachi Karachi is the capital city of the Administrative units of Pakistan, province of Sindh, Pakistan. It is the List of cities in Pakistan by population, largest city in Pakistan and 12th List of largest cities, largest in the world, with a popul ...

, Pakistan.

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 Paid-in capital (also paid-up capital and contributed capital) is financial capital, capital that is contributed to a corporation by investors by purchase of stock from the corporation, the primary market, not by purchase of stock in th ...

requirements by the

State Bank of Pakistan The State Bank of Pakistan (SBP) is the central bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was nationalised and the scope ...

, it became difficult for the bank to operate as a stand-alone entity. 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. The resulting bank was named Arif Habib Rupali Bank, and it began operations on August 5, 2006. In 2008, then known as Arif Habib Bank was listed on the

Karachi Stock Exchange The Pakistan Stock Exchange (PSX), founded as Karachi Stock Exchange (KSE), is a stock exchange based in Karachi, Pakistan. PSX was classified by MSCI as a Frontier markets, frontier market on 8 September 2021. Pakistan Stock Exchange was fou ...

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. Later in 2010, Arif Habib Bank Ltd. was rebranded under the name of Summit Bank Ltd. Suroor Investments Ltd. acquired the majority shares of Atlas Bank Ltd. and MyBank Ltd. and these banks were later on came under the umbrella of Summit Bank Ltd., 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

and accordingly renamed as Bank Makramah Limited.

Shareholding pattern

Dubai-based businessman, Nasser Abdullah Hussain Lootah is the majority shareholder of Bank Makramah.

References

External links

* {{Banking in Pakistan Banks of Pakistan Companies based in Karachi Banks established in 2006 Pakistani companies established in 2006 2008 initial public offerings Companies listed on the Pakistan Stock Exchange Pakistani subsidiaries of foreign companies Mergers and acquisitions of Pakistani companies