Bank Makramah
Bank Makramah is a Pakistani Islamic bank formerly known as Summit Bank.
Last updated August 26, 2026
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Overview
Bank Makramah Limited is a Pakistani banking institution headquartered in Karachi. The bank is the current successor to Summit Bank Limited and operates under an Islamic-banking identity adopted in 2023. Its corporate history extends through several earlier banking entities, beginning with the Pakistani operations of Rupali Bank and later passing through the Arif Habib banking group before the Summit Bank name was introduced. The immediate predecessor was created in 2006, when Arif Habib Securities Limited acquired the Pakistani operations of Rupali Bank Limited under a State Bank of Pakistan-approved scheme of amalgamation. The resulting institution began operations on 5 August 2006 as Arif Habib Rupali Bank. It subsequently became known as Arif Habib Bank and was listed on the Karachi Stock Exchange in 2008. In 2010, Mauritius-based investment firm Suroor Investments Limited acquired a 59.41 percent interest in Arif Habib Bank. The institution was then rebranded as Summit Bank Limited. Suroor Investments later acquired majority interests in Atlas Bank Limited and MyBank Limited, and those institutions were brought under the Summit Bank umbrella. The consolidation expanded Summit Bank's domestic branch network to more than 193 branches, according to the referenced account of the bank's history. The institution underwent another major change in November 2023. Summit Bank Limited was converted into an Islamic bank and renamed Bank Makramah Limited. This change shifted the public identity and stated banking model from a conventional Summit-branded bank to an Islamic financial institution. The available material does not provide a complete current product catalogue, financial profile, executive roster, or detailed account of the bank's post-conversion operations. It does, however, establish that the bank remains a Pakistan-focused institution and that Dubai-based businessman Nasser Abdullah Hussain Lootah acquired a majority stake in April 2023. As a brand, Summit Bank is therefore primarily a historical identity rather than the current name of the institution. Bank Makramah is the authoritative present-day corporate and brand subject. Its positioning is associated with Islamic banking in Pakistan, while its legacy includes commercial banking operations, domestic branch expansion, ownership changes, acquisitions of other Pakistani banks, and a transition from a conventionally branded institution to an Islamic bank.
History
Bank Makramah's institutional lineage reaches back to Rupali Bank Limited's Pakistani operations. Rupali Bank had maintained a limited presence as a foreign bank, but changes in the paid-up capital requirements imposed by the State Bank of Pakistan made continued operation as a stand-alone institution difficult. In 2006, Arif Habib Securities Limited acquired the Pakistani operations through a State Bank-approved scheme of amalgamation. The resulting institution was named Arif Habib Rupali Bank and commenced operations on 5 August 2006. The bank later operated under the shorter name Arif Habib Bank. In 2008, Arif Habib Bank was listed on the Karachi Stock Exchange, placing the institution within Pakistan's publicly traded banking sector at that stage of its development. The available reference material does not identify the bank's ticker, subsequent delisting circumstances, or detailed financial performance. A significant ownership and branding transition occurred in 2010. Suroor Investments Limited, an investment company based in Mauritius, acquired 59.41 percent of Arif Habib Bank. Following the transaction, the institution was rebranded Summit Bank Limited. The new name became the principal public identity of the bank for the following period. Under the Summit Bank structure, Suroor Investments acquired majority shares in Atlas Bank Limited and MyBank Limited. These institutions were subsequently brought under Summit Bank's umbrella. The consolidation increased the bank's branch presence to more than 193 branches across Pakistan, according to the referenced historical account. This phase established Summit Bank as a domestic banking platform with a broader branch network rather than a narrowly regional operation. The next major phase began in 2023. In April, Dubai-based businessman Nasser Abdullah Hussain Lootah acquired a majority stake in the institution. Later that year, in November, Summit Bank Limited was converted into an Islamic bank and renamed Bank Makramah Limited. The conversion changed both the institution's legal and brand identity and its stated banking orientation. The former Summit Bank name is consequently best treated as a historical brand, while Bank Makramah is the current subject represented by the authoritative Wikipedia article. The available source material does not provide enough information to document the current chief executive, board, branch count after conversion, detailed Islamic finance products, financial results, or geographic activity outside Pakistan. It does establish a continuous institutional narrative from the Rupali Bank operation, through Arif Habib Bank and Summit Bank, to the present Bank Makramah identity.
- 2023
Nasser Abdullah Hussain Lootah acquires majority ownership
[1]Dubai-based businessman Nasser Abdullah Hussain Lootah acquired a majority stake in the institution in April 2023.
- 2023
Conversion to Islamic banking and renaming
[1]In November 2023, Summit Bank Limited was converted into an Islamic bank and renamed Bank Makramah Limited.
- 2010
Suroor Investments acquires a controlling stake
[1]Mauritius-based Suroor Investments Limited acquired a 59.41 percent stake in Arif Habib Bank.
- 2010
Arif Habib Bank adopts the Summit Bank name
[1]Following the ownership change, Arif Habib Bank was rebranded Summit Bank Limited.
- 2008
Arif Habib Bank is listed
[1]The institution, then known as Arif Habib Bank, was listed on the Karachi Stock Exchange.
- 2006
Arif Habib Rupali Bank begins operations
[1]Arif Habib Securities Limited acquired the Pakistani operations of Rupali Bank through a State Bank of Pakistan-approved amalgamation scheme. The resulting bank began operations on 5 August 2006.
Atlas Bank and MyBank brought under Summit Bank
[1]Suroor Investments acquired majority shares in Atlas Bank and MyBank, which were subsequently incorporated under the Summit Bank umbrella.
Products and positioning
A Pakistan-focused Islamic bank and successor to the former Summit Bank franchise, with a corporate history spanning commercial banking, branch-network consolidation, and ownership transitions.
Islamic banking · 2023
Islamic banking services
Islamic banking became the institution's defining business model after its November 2023 conversion from Summit Bank Limited to Bank Makramah Limited. The available reference material confirms the conversion but does not enumerate specific Sharia-compliant deposit, financing, investment, or card products.
Commercial banking · 2006
Commercial and branch banking
Before the 2023 conversion, the institution operated as a Pakistan-focused commercial bank under the Summit Bank name. Its expansion through Atlas Bank and MyBank created a reported network of more than 193 branches. Specific account, lending, treasury, and corporate products are not detailed in the available sources.
Brand decisions
2023
Conversion to an Islamic bankStrategyBackground
Summit Bank underwent a major change in ownership during 2023, when Nasser Abdullah Hussain Lootah acquired a majority stake.
Action taken
In November 2023, the institution was converted into an Islamic bank and renamed Bank Makramah Limited.
Aftermath
The Summit Bank identity became historical, and Bank Makramah became the institution's current name and Islamic-banking brand.
2010
Change of control and Summit Bank rebrandM&ABackground
Arif Habib Bank was the successor to the earlier Arif Habib Rupali Bank structure and had been listed in 2008. Suroor Investments Limited then acquired a 59.41 percent interest.
Action taken
The new majority owner acquired control and the bank adopted the Summit Bank Limited name.
Aftermath
Summit Bank became the institution's principal public identity and later served as the umbrella for Atlas Bank and MyBank.
- Integration of Atlas Bank and MyBankM&A
Background
Suroor Investments acquired majority shares in Atlas Bank Limited and MyBank Limited after taking control of Summit Bank.
Action taken
The acquired banks were brought under the Summit Bank umbrella.
Aftermath
The consolidation expanded the reported domestic branch network to more than 193 branches.
Recent events
- 2023
Summit Bank renamed Bank Makramah after conversion to Islamic banking[1]
Leadership change
Summit Bank Limited was converted into an Islamic bank and renamed Bank Makramah Limited in November 2023.
- 2023
Nasser Abdullah Hussain Lootah acquires majority stake[1]
M&A
Dubai-based businessman Nasser Abdullah Hussain Lootah acquired a majority stake in the institution in April 2023.
Summit Bank consolidates Atlas Bank and MyBank operations[1]
M&A
Majority-owned Atlas Bank and MyBank were brought under the Summit Bank umbrella, contributing to a domestic network of more than 193 branches.
Sources3 sources
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