- Bank Rakyat which was also known as Bank Agong Kampong Bekerjasama-sama Persekutuan Tanah Melayu Dengan Tanggongan Berhad or Bank Agong was established on 28 September 1954 under the Cooperative Ordinance 1948.
- To reflect its identity as a cooperative bank and also to widen its scope of activity, the name was again changed, to be known as Bank Kerjasama Malaysia Berhad or in short, Bank Kerjasama in 1967. As memberships were opened to individuals and cooperatives, Bank’s goals and functions were expanded to allow the Bank to provide financing to these categories.s.
- As the national economy continues to grow, in 1973 the Bank’s name was changed to Bank Kerjasama Rakyat Malaysia Berhad or Bank Rakyat. Bank’s By-Laws were also amended to allow the Bank to venture into other business through its subsidiaries which include United Manufacturers Sdn. Bhd., Asean Chemical Fertilizers Sdn. Bhd., Pulp and Paper Industries Sdn. Bhd., Angkasaraya Development Sdn. Bhd., Aman Properties Sdn. Bhd. and Rakyat Corporation Sdn. Bhd.
- The Bank Kerjasama Rakyat Malaysia Berhad Act (Special Provision) 1978 was enacted to enable the government to oversee and control the management and administration of the Bank. The Act also allows the Bank to give loans to non-members and companies. It further places the Bank under the supervision of the ministry in charge of overseeing the cooperatives sector.
- The Bank makes a landmark decision by launching the Syariah Banking System at its branches in Alor Star, Jalan Ipoh, Kota Bharu and Sungai Besar in 1993, making it the first local bank to switch course from a conventional banking system to a Syariah compliant system..
- An amendment to the Cooperatives Act 1993 sees the opening of Kota Kinabalu branch. The amendment al lows cooperatives to operate in Sabah and Sarawak.
- In 2000, the first Ar-Rahnu outlet was launched in Kota Bharu to mark the start of the Bank’s involvement in micro-credit activities.
- A significant shift took place in 2001 when the Bank was placed under the Development Financial Institutions Act 2002, which in turn placed the Bank under direct control of Bank Negara Malaysia.
- In 2004, the Bank was placed under the jurisdiction of the Ministry of Entrepreneur and Cooperative Development.
- Bank Rakyat’s Ar-Rahnu was further expanded through the opening of Ar-Rahnu X’change premis at Klang, Selangor. It is operated by Koperasi Pembangunan Pulau Lumut Berhad (KPPLB) on franchise system.
- In 2010, the Bank was placed under the purview of the Ministry of Domestic Trade, Cooperative and Consumerism.
Bank Rakyat website : http://www.banrakyat.com.my
Last Update : 10 April 2012