Bank Rakyat

Topics: Cooperative, Malaysia, Credit union Pages: 1 (390 words) Published: August 12, 2011
Bank Rakyat's 1st corporate logo
Tan Sri Sheikh Ahmad Mohd. Hashim, Bank Rakyat's 1'st Chairman * Bank Rakyat was established in September 1954 under the Cooperative Ordinance 1948, following an expansion of the cooperative movement in Peninsular Malaysia. * To facilitate the expansion of the cooperative movement, the co-operatives set up their respective union banks provide financial needs to their members. * On 28 September 1954, 11 of these union banks decided to merge and form Bank Agong (Apex Bank) * In 1967, Bank Kerjasama Malaysia Berhad replaced Bank Agong with its membership opened not only to the cooperatives, but also to individuals. Subsequent changes in the by-laws also resulted in the creation of its subsidiary companies and opening of branches to serve customers as well as members. * On 6 January 1973, the name was changed to Bank Kerjsama Rakyat Malaysia Berhad or better known as Bank Rakyat. * Bank Rakyat is governed by its by laws and Bank Kerjasama Rakyat (M) Berhad Act 1978 (Special Provision 202), which allows Bank Rakyat to provide financing to non-members. * In 1989, Bank Rakyat was placed under the Ministry of Land and Co-operative Development and the Ministry of Finance. The official opening of our Melaka Branch * In 1993, the Cooperative Act was reviewed which allows the Bank to operate in Sabah and Sarawak. * On 8 May 1993, Bank Rakyat took a giant step towards becoming a syariah co-operative bank by introducing Islamic banking products at four of its branches. * Bank Rakyat became a full-fledged Islamic cooperative bank in 2002. Hence, with this major decision, Bank Rakyat marked another milestone in history where it became the third bank to offer total Islamic banking products in Malaysia. * On 15 February 2002, Bank Rakyat together with six other financial and development institutions were placed directly under the supervision of Bank Negara Malaysia (Central Bank of Malaysia) under the Development of Financial...
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