Bank Makramah approves Nasser Lootah $36mn investment

Bank Makramah Limited’s (BML) board has approved a proposal by the bank’s sponsor, Nasser Abdulla Hussain Lootah, to inject a further Rs10 billion, i.e. over $36 million, into the bank, strengthening its capital base as it seeks to meet regulatory requirements and support its operations.

The listed bank disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“Bank Makramah Limited, in its 159th meeting held today, August 18, 2026, considered and approved the investment proposal received from the sponsor of the bank, His Excellency Nasser Abdulla Hussain Lootah, to inject a further Rs10 billion into the bank,” read the notice.

BML board has authorised the President/CEO to execute the agreement between the bank and the sponsor, which sets out the terms under which the sponsor shall deposit Rs10 billion into the bank.

“It may be noted that this amount of Rs10 billion shall be recorded in the books of the bank as an advance against share subscription, till such time regulatory and corporate approvals are obtained for the issuance of shares to the sponsor, by way of other than right issue,” the notice added.

BML was formerly known as Summit Bank Limited (SMBL). The transformation began when prominent UAE investor Nasser Abdulla Hussain Lootah acquired a controlling stake in Summit Bank in April 2023, subscribing to 3.98 billion new shares for Rs10 billion, giving him a majority equity stake. Lootah’s vision was to convert the bank into a full-fledged Islamic bank.

Last year in November, the Islamabad High Court approved BML’s restructuring plan, enabling the bank to comply with the SBP’s minimum capital requirements (MCR). Lootah proposed adjusting his shareholding from 86.1% to 75.8% based on a higher share value of Rs6.25.

Following the approval, BML in January announced the successful implementation of its court-sanctioned financial restructuring plan, which eliminated accumulated losses and aimed for profitable growth.