Bank Makramah Limited Explained

Bank Makramah Limited
Former Name:Arif Habib Bank (2007–2010)
Summit Bank (2010–2023)
Type:Public
Location:Karachi-75600
Industry:Banking
Revenue: [1]
Revenue Year:2022
Income Year:2022
Net Income Year:2022
Assets Year:2022
Num Employees:1,645
Num Employees Year:2022
Parent:Suroor Investments Limited
Hq Location Country:Pakistan
Num Locations:193
Num Locations Year:2022
Owner:Nasser Abdulla Hussain Lootah (60.44%)[2]
Suroor Investments (26.59%)

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

History

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.

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, 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]

Notes and References

  1. Web site: Summit Bank Annual Report 2022. summitbank.com.pk. 22 November 2023.
  2. Web site: Shareholding pattern.
  3. News: Suroor Investment acquires AHBL. 2 July 2009. Dawn. 6 August 2019.
  4. Web site: Rupali Bank merger. 18 July 2004. DAWN.COM.
  5. Web site: Suroor's acquisitions: Three commercial banks and now a microfinance bank. 8 February 2011. The Express Tribune.
  6. Web site: Rupali Bank branch at KSE. 7 August 2007. Brecorder.
  7. Web site: Hussain Lawai consortium to buy Arif Habib Bank. 21 October 2008. DAWN.COM.
  8. Web site: Eight companies raised Rs12.7bn through IPOs. Our Equities. Correspondent. 3 July 2008. DAWN.COM.
  9. Web site: Sindh Bank and Summit Bank are merging. Who is the real buyer?. Arshad. Hussain. 10 September 2018. Profit by Pakistan Today.
  10. News: Atlas Bank enters into sale deal with Mauritius firm. 24 November 2009. Dawn. 6 August 2019.
  11. Web site: MyBank, Summit Bank: Shareholders approve merger. 25 January 2011. The Express Tribune.
  12. Web site: Desk . BR Web . 2023-11-13 . Summit Bank changes name to Bank Makramah Limited . 2023-12-27 . Brecorder . en.
  13. Web site: Imran . Urooj . 2023-07-18 . Summit Bank has a new name as it tries to leave the past behind . 2023-12-27 . Profit by Pakistan Today . en-US.
  14. Web site: Malik. BR Web Desk Ahmed. 2020-03-31. Summit Bank Limited: Lootah wants to acquire majority shareholding. 2020-09-11. Brecorder. en.
  15. Web site: Summit Bank's acquisition approved. 2020-09-11. www.thenews.com.pk. en.