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Summit Bank announces name change to Bank Makramah Limited

11:37 AM | 18 Jul, 2023
Summit Bank announces name change to Bank Makramah Limited

KARACHI - Summit Bank Limited is pleased to announce that the State Bank of Pakistan has granted its consent to change Summit Bank’s name to Bank Makramah Limited (abbreviated as BML).

This will become effective subject to other regulatory and corporate approvals. This name change follows the recent acquisition of a controlling stake in Summit Bank by prominent UAE investor, H.E. Nasser Abdulla Hussain Lootah.

H.E. Nasser Abdulla Hussain 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 name change from Summit Bank Limited to Bank Makramah Limited (BML) signifies the bank’s commitment to embracing Islamic finance principles and delivering innovative and ethical financial services to its valued customers. 

Bank Makramah Limited (BML) is in the process of developing a comprehensive plan to transition into a full-fledged Islamic bank. 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. Bank Makramah Limited (BML) remains committed to serving its customers and ensuring a seamless transition throughout this transformative phase. 

Bank Makramah Limited (BML) will continue to provide updates on its progress as it moves forward in its journey toward becoming a full-fledged Islamic bank.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal – March 1, 2024

Pakistani rupee remains stable against US dollar in the open market on March 1, 2024 (Friday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.32 for buying and 282.35 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 353 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.4.

Today’s currency exchange rates in Pakistan – March 1, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.32 282.35
Euro EUR 302 305
UK Pound Sterling GBP 353 356
U.A.E Dirham AED 76.15 76.85
Saudi Riyal SAR 74.4 75.2
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 172.43 174.43
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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