Bank Rakyat

Bank Rakyat is an Islamic cooperative bank which was established on 28 September 1954 under the Cooperative Ordinance of 1948, following the growth of the cooperative movement in Peninsular Malaysia. Previously known as Bank Agong or Apex Bank, this financial institution was the result of a merger with 11 union banks. It was then established as a primary channel to collect funds, and distribute financing to cooperatives. Renamed Bank Kerjasama Malaysia Berhad in 1967, the Bank has since extended its membership to individuals as well.

Subsequent changes to its governing laws has led to the creation of subsidiaries and the expansion of its branch network, to better serve both customers and members. Bank Rakyat assumed its current name on 6 January 1973. Further broadening its scope of activities, it then extended its financial services to non-members, accepting their deposits and providing them with financing services.

From a conventional bank, Bank Rakyat took a giant step in 1993 to become Syariah compliant at four of its branches and subsequently became a full-fledged Islamic cooperative bank by the beginning of 2003, when it successfully converted its 1.1% conventional assets balance to comply with Syariah guidelines.