The State Bank of Pakistan has granted its consent to Summit Bank Limited (PSX: SMBL) to change the bank’s name to Bank Makramah Limited (abbreviated as BML), SMBL informed the Pakistan Stock Exchange on Tuesday.
“The name change will become effective upon procuring other relevant regulatory approvals and obtaining the approval of the shareholders of the Bank in an Extraordinary General Meeting, through special resolution, and the restatement of the Memorandum & Articles of Association of the Bank incorporating the change of name and further aligning it with the provisions of the Companies Act, 2017 alongside few other matters of special business, ” the filing stated.
This name change follows the recent acquisition of a controlling stake in Summit Bank by prominent UAE investor Nasser Abdulla Hussain Lootah.
Nasser Abdulla Hussain Lootah’s vision for BML is to develop it into a leading Islamic bank, providing exceptional financial services and innovative products in line with Islamic principles. The name change from Summit Bank Limited to Bank Makramah Limited signifies the bank’s commitment to embracing Islamic finance principles.
BML is in the process of developing a comprehensive plan to transition into a full-fledged Islamic bank. The bank’s transformation will involve a complete overhaul of its operations, the introduction of Shariah-compliant financial solutions, and adherence to Islamic banking practices.
The bank remains committed to serving its customers and ensuring a seamless transition throughout this transformative phase.
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