Summit Bank to convert to an Islamic
Bank in 3 Years
Summit Bank plans to transform into a shariah-based
banking mode in next three years.
Scholars of the Shariah Board have already
given their green signal for the conversion of the bank from a conventional to
a full Islamic bank.
The bank is currently operating nearly 50 Islamic branches out
of 195. Its assets and deposits stand at Rs. 23 billion and Rs. 20 billion,
respectively. The bank is not opening new branches of its conventional bank but
converting its established branches into Islamic banking branches.
The Islamic banking division
of the bank made a profit of Rs. 551 million by the end of September 2022,
despite an overall loss of nearly Rs. 2 billion.
Summit Bank was formed after
the merger of Rupali Bank, Atlast Bank, and MyBank.
Source: Pro Pakistani