UAE-based investor acquires majority stake in prominent Pakistani commercial bank

The photo taken in March 2017 shows a man standing outside a Summit Bank branch in Karachi, Pakistan. (Photo courtesy: social media/Summit Bank)
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Updated 27 April 2023
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UAE-based investor acquires majority stake in prominent Pakistani commercial bank

  • Dubai-based businessman, Nasser Lootah, has injected Rs10 billion in Summit Bank through for issuance of Rs3.98 billion worth of new shares
  • Lootah vows to transform Summit Bank into a ‘full-fledge’ Islamic bank, a major development for the Islamization of Pakistan’s banking system

KARACHI: Nasser Abdullah Hussain Lootah, a Dubai-based businessman, acquired the majority shareholding and management control of Summit Bank Limited, one of Pakistan’s most prominent commercial banks, with a vision to transform it into a “full-fledged Islamic bank,” the company said on Wednesday. 

Summit Bank is a subsidiary of Suroor Investments Limited (SIL) which is incorporated in Mauritius. As of December 31, 2022, SIL held 66.77 percent of the issued, subscribed and paid-up share capital of the Bank.

Lootah, who is also chairman of Summit Bank and was holding 0.51 percent stakes prior to the transaction, now holds 51 percent stakes with the bank’s management control. The move was recently approved by the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and Competition Commission of Pakistan.

“To demonstrate his unwavering commitment to the Bank’s success and positive vision for Pakistan (despite the current economic situation), the Investor subscribed to Rs3.98 billion new shares of the Bank at Rs2.51 per share, giving him a majority equity stake,” the bank said in a statement on Wednesday. “In this regard Rs10 billion has already been injected into the Bank in January 2023 through an advance payment for the proposed share issuance.”

In a stock filing on Wednesday, Summit Bank said “the acquirer has become the majority shareholder of the bank.”

On its website, Summit Bank says it has decided to convert itself into a “full fledge Islamic Bank” guided by an eminent board of Shariah scholars. 

“Following acquisition of the bank, Lootah is ready to convert it into a full-fledged Islamic bank, representing a significant advancement for the Islamization of the banking industry in the country,” Summit Bank said in its statement. He added that the investor wanted the bank to continue providing exceptional services, innovative products, and ensure its commitment to the principles of Islamic finance.

It said the bank’s leadership and staff are “enthusiastic about the future of the Bank” and remain committed to providing ethical and transparent financial services to its clients.

Summit Bank President Jawad Majid Khan emphasized that the bank’s revival involves more than just new equity injection and Islamic banking. In addition to the acquisition, Summit Bank shall undergo a complete overhaul of its operations and digitalization in accordance with modern banking practices, he said. 

“This shall also include rebranding of Summit Bank, allowing it for a fresh start and a new identity,” Khan said. 

Bank officials expect to leverage Lootah’s relationships to expand and rake in more benefit from the gulf market. 

“The Bank’s renewed commitment to its clients and principles will be a fundamental aspect of its success. The Bank will also benefit from the Investor’s relationships in the Middle Eastern banking industry,” the bank said in the statement.

As per its website, Summit Bank has193 branches across Pakistan, of which 43 branches in 23 cities are offering Islamic banking opportunities.

Summit bank’s share price surged on Wednesday from Rs1.94 to Rs2.17 per share as 1.2 million shares changed hands. 


Pakistani politicians urge dialogue with Imran Khan’s party as PM offers talks

Updated 07 January 2026
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Pakistani politicians urge dialogue with Imran Khan’s party as PM offers talks

  • National Dialogue Committee group organizes summit attended by prominent lawyers, politicians and journalists in Islamabad
  • Participants urge government to lift alleged ban on political activities and media restrictions, form committee for negotiations 

ISLAMABAD: Participants of a meeting featuring prominent politicians, lawyers and civil society members on Wednesday urged the government to initiate talks with former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, lift alleged bans on political activities after Prime Minister Shehbaz Sharif recently invited the PTI for talks. 

The summit was organized by the National Dialogue Committee (NDC), a political group formed last month by former PTI members Chaudhry Fawad Husain, ex-Sindh governor Imran Ismail and Mehmood Moulvi. The NDC has called for efforts to ease political tensions in the country and facilitate dialogue between the government and Khan’s party. 

The development takes place amid rising tensions between the PTI and Pakistan’s military and government. Khan, who remains in jail on a slew of charges he says are politically motivated, blames the military and the government for colluding to keep him away from power by rigging the 2024 general election and implicating him in false cases. Both deny his allegations. 

Since Khan was ousted in a parliamentary vote in April 2022, the PTI has complained of a widespread state crackdown, while Khan and his senior party colleagues have been embroiled in dozens of legal cases. Prime Minister Shehbaz Sharif last month invited the PTI for talks during a meeting of the federal cabinet, saying harmony among political forces was essential for the country’s progress.

“The prime objective of the dialogue is that we want to bring the political temperatures down,” Ismail told Arab News after the conference concluded. 

“At the moment, the heat is so much that people— especially in politics— they do not want to sit across the table and discuss the pertaining issues of Pakistan which is blocking the way for investment.”

Former prime minister Shahid Khaqan Abbasi, who heads the Awaam Pakistan political party, attended the summit along with Jamaat-e-Islami senior leader Liaquat Baloch, Muttahida Quami Movement-Pakistan’s Waseem Akhtar and Haroon Ur Rashid, president of the Supreme Court Bar Association. Journalists Asma Shirazi and Fahd Husain also attended the meeting. 

Members of the Pakistan Peoples Party, the ruling Pakistan Muslim League-Nawaz (PML-N) and the PTI did not attend the gathering. 

The NDC urged Prime Minister Shehbaz Sharif, President Asif Ali Zardari and PML-N chief Nawaz Sharif to initiate talks with the opposition. It said after the government forms its team, the NDC will announce the names of the opposition negotiating team after holding consultations with its jailed members. 

“Let us create some environment. Let us bring some temperatures down and then we will do it,” Ismail said regarding a potential meeting with the jailed Khan. 

Muhammad Ali Saif, a former adviser to the Khyber Pakhtunkhwa chief minister, told participants of the meeting that Pakistan was currently in a “dysfunctional state” due to extreme political polarization.

“The tension between the PTI and the institutions, particularly the army, at the moment is the most fundamental, the most prominent and the most crucial issue,” Saif noted. 

‘CHANGED FACES’

The summit proposed six specific confidence-building measures. These included lifting an alleged ban on political activities and the appointment of the leaders of opposition in Pakistan’s Senate and National Assembly. 

The joint communique called for the immediate release of women political prisoners, such as Khan’s wife Bushra Bibi and PTI leader Yasmin Rashid, and the withdrawal of cases against supporters of political parties.

The communiqué also called for an end to media censorship and proposed that the government and opposition should “neither use the Pakistan Armed Forces for their politics nor engage in negative propaganda against them.”

Amir Khan, an overseas Pakistani businessperson, complained that frequent political changes in the country had undermined investors’ confidence.

“I came here with investment ideas, I came to know that faces have changed after a year,” Amir Khan said, referring to the frequent change in government personnel. 

Khan’s party, on the other hand, has been calling for a “meaningful” political dialogue with the government. 

However, it has accused the government of denying PTI members meetings with Khan in the Rawalpindi prison where he remains incarcerated. 

“For dialogue to be meaningful, it is essential that these authorized representatives are allowed regular and unhindered access to Imran Khan so that any engagement accurately reflects his views and PTI’s collective position,” PTI leader Azhar Leghari told Arab News last week.