KARACHI: Pakistan’s Summit Bank Limited on Tuesday announced it had changed its name to Bank Makramah Limited (BML) after a Dubai-based businessman, Nasser Abdullah Hussain Lootah, acquired it and took control of its management.

The bank was a subsidiary of Mauritius-based firm Suroor Investment Limited, which owned 66.77 percent of the issued share capital of the company, according to the bank’s 2021 annual report. However, Lootah acquired its management control earlier this year through a majority shareholding acquisition after approval from Pakistan’s regulators.

“Summit Bank Limited has to change the bank’s name to Bank Makramah Limited (abbreviated as BML) after Nasser Abdullah Hussain Lootah, a Dubai-based businessman, completed the acquisition and takes management control of [the] Bank,” the statement said.

Lootah previously held 0.51 percent stakes in the company, though he now holds 51 percent along with the management control.

“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 continued.

It added the change of name signified the bank’s commitment to embracing Islamic finance principles and delivering innovative and ethical financial services to its customers.

“Bank Makramah Limited (BML) is in the process of developing a comprehensive plan to transition into a full-fledged Islamic bank, while the bank’s transformation will involve a complete overhaul of its operations, the introduction of Shariah-compliant financial solutions, and adherence to Islamic banking practices,” said the statement.