July 18, 2023 (MLN): The Board of Directors (BoD) of Summit Bank Limited (SMBL) has acceded to change the name of the bank to 'Bank Makramah Limited' (abbreviated as BML), the Bank's filing on PSX revealed today.
In this regard, a NOC / consent has already been received from the State Bank of Pakistan (SBP) on Monday.
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.
Moreover, the Memorandum & Articles of Association of the Bank will be restated to incorporate the new name while ensuring compliance with the provisions of the Companies Act, 2017. The updated documents will also address other matters of special business.
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 to BML signifies the bank’s commitment to embracing Islamic finance principles and delivering innovative and ethical financial services to its valued customers.
BML will continue to provide updates on its progress as it moves forward in its journey toward becoming a full-fledged Islamic Bank.
