Bank Makramah

Summary

Bank Makramah Limited, formerly Summit Bank, is a Pakistani Islamic bank based in Karachi. ¹

From Rupali to Summit

Its origins lie in Rupali Bank's Pakistan operations, which Arif Habib Securities acquired in 2006; the resulting bank began operating on 5 August 2006 and was listed on the Karachi Stock Exchange in 2008. ¹ In 2010 Suroor Investments bought 59.41% and renamed it Summit Bank; Atlas Bank and MyBank were later merged in, taking its network past 193 branches. ¹

Becoming an Islamic bank

In November 2023 Summit Bank was converted into an Islamic bank and renamed Bank Makramah. ¹ The Dubai businessman Nasser Abdullah Hussain Lootah had acquired a majority stake in April 2023. ¹

References

English Wikipedia, "Bank Makramah", revision 1366839999. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

At a glance

In the Modern Islam Browser

Footprint

Summary

From Rupali to Summit

Becoming an Islamic bank

References

People and things also explored

Sources

Made

Islamic banks and conventional banks — the difference, the doubts and the performance