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Bank Makramah
Pakistani Islamic bank From Wikipedia, the free encyclopedia
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Bank Makramah Limited (Urdu: بینک مکرمہ لمیٹڈ), formerly Summit Bank, is a Pakistani Islamic bank based in Karachi, Pakistan.[3]
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History
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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]
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Shareholding pattern
Dubai-based businessman, Nasser Abdullah Hussain Lootah is the majority shareholder of Bank Makramah.[14]
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