If you are a customer of Summit Bank Limited, you may have noticed a new name on your bank statements and online banking portal. The bank has recently announced that it has changed its name to Bank Makramah Limited (BML) with the approval of the State Bank of Pakistan.
But why did the bank change its name and what does it mean for you? In this blog post, we will explain the reasons behind the name change and how it signifies the bank’s commitment to providing exceptional financial services and innovative products in line with Islamic principles.
The Name Change: A Reflection of a New Vision
The name change from Summit Bank Limited to Bank Makramah Limited is not just a cosmetic change. It is a reflection of a new vision and direction for the bank, which aims to become a leading Islamic bank in Pakistan.
The name change follows the recent acquisition of a controlling stake in Summit Bank by prominent UAE investor Nasser Abdulla Hussain Lootah. Lootah is a visionary businessman who has a keen interest in Islamic finance and social responsibility. He has invested in various sectors such as banking, real estate, oil and gas, education, healthcare, and philanthropy.
Lootah’s vision for BML is to develop it into a modern and progressive Islamic bank that offers Shariah-compliant financial solutions to its customers. The word “Makramah” means “generosity” or “nobility” in Arabic, and it reflects the bank’s values of honesty, integrity, excellence, and social responsibility.
The Transformation: A Complete Overhaul of Operations
The name change is just the first step in the bank’s transformation into a full-fledged Islamic bank. The bank is in the process of developing a comprehensive plan to transition into an Islamic bank that adheres to the principles and practices of Islamic finance.
The transformation will involve a complete overhaul of the bank’s operations, including its products, services, systems, processes, policies, and culture. The bank will introduce Shariah-compliant financial solutions that cater to the needs and preferences of its customers. These solutions will be based on Islamic contracts such as Murabaha (cost-plus financing), Musharaka (partnership financing), Ijara (leasing), Mudaraba (profit-sharing financing), and Sukuk (Islamic bonds).
The bank will also ensure that its operations are in accordance with the Shariah standards and guidelines issued by the State Bank of Pakistan and other relevant authorities. The bank will appoint qualified Shariah scholars and experts to oversee and supervise its Islamic banking activities. The bank will also conduct regular audits and reviews to ensure compliance with Shariah rules and regulations.
The Commitment: A Seamless Transition for Customers
The bank is committed to ensuring a seamless transition for its customers throughout this transformative phase. The bank will communicate with its customers regularly and keep them informed of any changes or updates regarding its products and services. The bank will also provide training and education to its staff and customers on Islamic banking concepts and practices.
The bank assures its customers that their existing accounts, deposits, loans, cards, and other facilities will remain valid and operational until they are converted or replaced by Shariah-compliant alternatives. The bank will also offer attractive incentives and benefits to its customers who opt for Islamic banking products and services.
The bank invites its customers to join it on this exciting journey of becoming a leading Islamic bank that provides exceptional financial services and innovative products in line with Islamic principles. The bank believes that by changing its name to Bank Makramah Limited, it is not only changing its identity but also changing its destiny.
The bank hopes that by adopting Islamic banking principles, it will be able to create a positive impact on the society and the economy. The bank also hopes that by becoming Bank Makramah Limited, it will be able to attract more customers who are looking for ethical, transparent, and sustainable banking solutions.
If you have any questions or concerns about the name change or the transformation of the bank, please feel free to contact the bank’s customer service center or visit any of its branches.