Bank Makramah's board approves injection of additional Rs10bn from sponsor
Bank Makramah Limited
(BML) is set to receive an additional Rs10 billion from its sponsor, Nasser
Abdulla Hussain Lootah, after the bank’s board approved the proposed capital
injection at a meeting held on August 18, 2026.
The listed bank disclosed the decision in a notice to the
Pakistan Stock Exchange (PSX) on Tuesday, stating that the funds would
initially be recorded as an advance against share subscription.
Under the board’s approval, BML’s President and CEO has been
authorised to execute an agreement with Lootah governing the terms of the Rs10
billion deposit. The amount will remain classified as an advance against share
subscription until the required regulatory and corporate approvals are secured
for the issuance of shares to the sponsor through a method other than a rights
issue.
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The additional funding is expected to strengthen the bank’s
capital position, help it meet regulatory requirements and support its ongoing
operations.
The move comes as BML continues its transformation from its
former identity as Summit Bank Limited (SMBL). In April 2023, Lootah acquired a
controlling interest in Summit Bank by subscribing to 3.98 billion new shares
for Rs10 billion, giving him a majority equity stake.
The UAE-based investor subsequently outlined plans to transform
the institution into a full-fledged Islamic bank.
In November 2025, the Islamabad High Court approved BML’s
restructuring plan, enabling the bank to address the State Bank of Pakistan’s
minimum capital requirements (MCR). Under the restructuring arrangement,
Lootah’s stake was to be reduced from 86.1% to 75.8%, based on a revised share
value of Rs6.25.
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BML announced in January 2026 that it had successfully
implemented the court-sanctioned financial restructuring plan. The
restructuring eliminated the bank’s accumulated losses and was intended to
place the institution on a stronger footing for sustainable and profitable
growth.
Source:
Profit Pakistan