Summit Bank Limited announced on Tuesday that it had received the State Bank of Pakistan’s approval to change its name to Bank Makramah Limited (BML).

The change, which follows the recent acquisition of a controlling stake in Summit Bank by prominent Emirati investor Nasser Abdulla Hussain Lootah, will become effective subject to other regulatory and corporate approvals.

Lootah’s vision for Bank Makramah Limited (BML) is to develop it into a leading Islamic bank, providing exceptional financial services and innovative products in line with Islamic principles, the statement said.

It said the name change from Summit Bank Limited to Bank Makramah Limited (BML) signifies the bank’s commitment to embracing Islamic finance principles and delivering innovative and ethical financial services to its valued customers.

Bank Makramah Limited (BML) is in the process of developing a comprehensive plan to transition into a full-fledged Islamic bank, and the transformation will involve a complete overhaul of its operations, introduction of Shariah-compliant financial solutions, and adherence to Islamic banking practices, the statement said, adding that the bank remains committed to serving its customers and ensuring a seamless transition throughout this phase.

The statement said Bank Makramah Limited (BML) will continue to provide updates on its progress as it moves forward in its journey towards becoming a full-fledged Islamic Bank.