CCP Greenlights Merger to Boost Bank Makramah’s Growth and Capital Strength

In a major step toward transforming its financial footing, Bank Makramah Limited (BML) has secured approval from the Competition Commission of Pakistan (CCP) for the merger of M/s. Global Haly Development Limited (GHDL) with and into BML. The approval marks another milestone in the bank’s ongoing recapitalization and restructuring drive, aimed at reinforcing its position as a dynamic player in Pakistan’s Islamic banking sector.

The merger, approved under Section 31(1)(d)(i) of the Competition Act, 2010, follows a Phase-I review by the CCP, which concluded that the transaction poses no threat to competition. Since GHDL operates in real estate and infrastructure development and not in banking, the merger involves no horizontal overlaps. Under the scheme, BML will issue ordinary shares to GHDL’s shareholders, with BML emerging as the surviving entity while GHDL will be dissolved.

The merger comes on the heels of significant financial developments earlier this year. In July 2025, BML received a PKR 5 billion capital injection from its sponsor, His Excellency Nasser Abdulla Hussain Lootah—part of a larger PKR 41 billion commitment to strengthen the bank’s capital base. The same month, BML’s board approved the PKR 12 billion sale of Cullinan Tower in Karachi’s Clifton area, boosting liquidity and paving the way for an estimated PKR 50 billion increase in net assets through combined restructuring measures.

Following its rebranding in November 2024, BML—formerly Summit Bank—has steadily advanced its vision to become a fully Shariah-compliant institution. With CCP’s greenlight on the merger, investors now view BML’s transformation as entering its decisive growth phase—one that could redefine its footprint in Pakistan’s fast-expanding Islamic finance landscape.