Corporate Info

Bank Info / Milestones

2014

Bank Rakyat opens its 145th branch in Labis, Johor marking the Bank's 15th branch in the state. In the same year, the Bank announces the issuance of Sukuk Musyarakah for a period of three and five years' worth RM1 billion. Truly a momentous year for the employees of Bank Rakyat as they not only relocate to Menara Kembar Bank Rakyat at Jalan Rakyat but also celebrate the Bank's 60th anniversary at the new premises.

2013

The number of Bank Rakyat members increase to 943,464 comprising 941,383 individuals and 2081 co-operatives. It is also appointed as a collection agent for income tax payment through a strategic partnership with the Inland Revenue Board of Malaysia (LHDN).

2012

Bank Rakyat's launches its inaugural issuance of SUKUK under the Islamic Medium Term Notes Programme worth RM1 billion.

2010

The launch of a strategic partnership between Bank Rakyat and Tabung Haji which allows the latter's customers to perform various transactions at all Bank Rakyat branches.

2009

Bank Rakyat establishes Yayasan Bank Rakyat (Bank Rakyat Foundation) with the aim of developing and improving the standard of education for Malaysians, especially among the children of its members. Later that year, Bank Rakyat's first credit card based on Shariah Principles of Tawarruq is issued in collaboration with MasterCard Worldwide and is introduced into the market.

2008

The inaugural Bank Rakyat Carnival with its concept of games for the public is held at Padang Dataran Pemuda Merdeka, Butterworth, Penang. A similar carnival is also held in Pasir Puteh, Kelantan and Batu Pahat, Johor.

2007

Kelab Nuri Bank Rakyat is launched by Puan Sri Wan Nafisah Nik Mohd. Adeeb, the wife of the Bank's Chairman Tan Sri Dato' Dr Syed Jalaludin Syed Salim together with a new mascot with an astronaut concept

2006

Bank Rakyat launches tele-Rakyat Call Centre that enables customers to perform transactions with the assistance of consultants or self-service. Bank Rakyat launches its Corporate Culture with the acronym of the word R.A.K.Y.A.T standing for R: Diligent (Rajin) A: Trustworthy (Amanah) K: Competent (Kompeten) Y: Confident (Yakin) A: Exemplary behaviour (Akhlak mulia) T: Faith (Taqwa) Ar-Rahnu X'change makes its entry into the market. The Islamic pawnbroking franchise business is managed by Bank Rakyat's subsidiary, Rakyat Management Services Sdn Bhd (RMS)..

2005

Bank Rakyat becomes the first Non-commercial financing institution to introduce MEPS Interbank Giro (IBG) services

2004

Bank Rakyat is placed under the Ministry of Entrepreneur and Co-operative Development (MECD) following a reshuffle of government ministries. Prior to this the Bank was placed under the Ministry of Land and Co-operative Development.

2003

Bank Rakyat announces that its operations are fully Shariah-Compliant. Launches its Electronic-Banking Centre (EBC) or eRakyat at the Jalan Tangsi Branch.

2002

Bank Rakyat launches the Program Rakan Koop (Coop Partner Programme) that aims to assist co-operatives to manage their business activities through advisory and guidance services. The services are provided free by Bank Rakyat to participants.

2001

In conjuction with its 47th anniversary, the Bank launches its new corporate logo to replace the 20-year-old logo and also launches the Bank's three new products based on the Al-Mudarabah concept, namely Syabab, Tawfir and Tilmiz officiated by The Land and Co-operative Development Minister, Tan Sri Kasitah Gaddam.

2000

The Bank launches the Tijari Contract Financing in its effort to assist the dynamic and viable small businesses.

1999

The Bank launches the state-of-theart Integrated Retail Banking System (IRBS), a system that allows online and management of retail banking transactions and general ledger and supports ATM services for speedy savings and investment account transactions at its Pudu Branch in Kuala Lumpur.

1998

Bank Rakyat launches the An-Naqlu vehicle Financing Scheme; financing facilities for the purchase of cars.

1994

Bank Rakyat Managing Director Dato' Anuar Jaafar launches the Bank's automated teller machine (ATM) at the Bank's Main Branch signalling the beginning of an era of transformation on the use of new technology. Bank Rakyat establishes a Shariah Advisory Council and opens its first branch outside the Peninsula in Kuching, Sarawak.

1993

Bank Rakyat announces the launch of the Shariah Banking System that offers facilities such as Al-Wadiah Savings Account, Al-Mudharabah General Investment Account, Al-Bai' Bithaman Ajil Property Financing and Bai Al-Inah Personal Financing. Going back to where it all began, the Bank opens its 42nd branch in Bukit Mertajam, Penang the birth place of the bank. Bank Rakyat introduces the Ar-Rahnu Islamic Pawn broking Scheme in collaboration with the Malaysian Islamic Economic Development Foundation (YPEIM) with an initial capital of RM5 million. The bank signs the memorandum of understanding for the implementation of Ar-Rahnu with YPEIM on 11th October, 1993.

1992

Parliament approves the Co-operative Act of 1992 with four main objectives – to encourage and promote the development of cooperatives, to transform the co-operative into a sustainable movement, to reform the co-operative administration and management and to consolidate laws related to the co-operative movement.

1990

Bank Rakyat receives the approval to use its reserves amounting to RM96.7 million to cover losses accumulated totalling RM86.6 million. The Bank also announces the distribution of two percent in bonus to members from 1978 to 1988, a 10 percent cash dividend for the financial year 1989, and a 10 percent dividend and 20 percent bonus shares respectively for 1990 and 1991.

1989

Bank Rakyat introduces services for the co-operative sector through the introduction of the Special Co-operative Savings Accounts (ATKK).

1988

Bank Rakyat launches its second Educational Loan Scheme to assist students pursuing higher education in the country and abroad and also a Special Graduate Loan Scheme (SPKS) with a maximum loan of RM20,000 to help graduates who are without permanent employment to set up and start their own accounting and taxation services business. Later that year Bank Rakyat launches its first mini branch in Bandar Tun Razak, Cheras along with a Motorcycle Loan Scheme in an effort to broaden its lending activities.

1986

The launch of Nuri Savings Scheme by the minister of National and Rural Development to encourage a savings culture among school children.

1984

Bank Rakyat launches its first Education Loan Scheme called Skim Pinjaman Menanam Budi

1983

Membership for the Bank increases to 29,002 which comprises of 28,134 individuals and 868 co-operatives. At this juncture, the Bank's total assets increases to RM519 million while their net profit reaches RM5.9 million.

1982

The launch of the Mobile Banking Services at the Alor Setar branch. The Mobile Banking vehicle mainly operates at Lembaga Padi and Beras Negara Complex in conjunction with the harvesting season.

1981

Rakyat First signs a joint venture agreement with Deutsche Genossenchaftsbank (DG Bank). This is seen as a stepping stone for Bank Rakyat to participate in the merchant banking segment.

1979

A White Paper is tabled by the government on Bank Rakyat called, ‘Kedudukan Bank Rakyat' in Parliament. This follows the tabling of Bank Kerjasama Rakyat Malaysia Berhad (Special Provisions Bill) at Dewan Rakyat on December the 19th, 1977.

1978

The Bank Kerjasama Rakyat Malaysia Berhad Act (Special Provisions 1978) comes into force. Bank Rakyat is placed under the supervision of the Minister responsible for co-operative development.

1977

Bank Rakyat launches the collection Department and a Complaints Bureau is set up

1975

Bank Rakyat establishes Rakyat Trading Corporation Sdn Bhd (RTC) that acts as a supplier of construction materials such as steel and cement and distributor of goods produced by ASEAN Chemical Fertiliser. 

1974

Bank Rakyat employees set up a co-operative company called Syarikat Kerjasama Bank Rakyat also known as SEKATARAKYAT. Two weeks later, the launching of Rakyat First Merchant Bankers Berhad (Rakyat First) the merchant banking arm of Bank Rakyat takes place

1973

The name Bank Rakyat is officially adopted after being personally proposed by then Prime Minister Tun Abdul Razak.

1972

The Bank launches the Provident Trust Fund Account. At The 17th Annual General Meeting (AGM), it is agreed that the name of the Bank shall be changed to Bank Kerjasama Rakyat Malaysia Berhad or Bank Rakyat. In December of that year Bank Rakyat announces the establishment of its first subsidiary.

1971

The Bank expands its services to include providing loans to members who want to venture into businesses, industries and the purchase of assets such as houses. The 2nd Malaysia Cooperation Congress chaired by the Chairman of Bank Kerjasama, Tan Sri Sheikh Ahmad agree to the establishment of Angkatan Kerjasama Kebangsaan Malaysia Berhad (ANGKASA). In April of this year, the opening of the Malacca branch of BANK Kerjasama on Jalan Hang Tuah is officiated by the Chief Minister of Malacca, Dato' Talib Karim marking Bank Kerjasama's expansion initiative to urban areas

1970

The Kangar Branch of Bank Kerjasama is officiated by The Regent of Perlis, Tuan Syed Sirajuddin Ibni Tuanku Syed Putra Jamalullail. Bank Kerjasama Kota Bahru Branch, is officially opened by Kelantan Acting Menteri Besar, Dato' Muhammad Nasir in the same year.

1969

Menteri Besar of Perak, Dato' Sri Ahmad Mohd. Said officiates Bank Kerjasama Bagan Serai Branch while the Muar Branch of Bank Kerjasama is officially opened by Menteri Besar of Johor, Dato' Othman Mohd. Saat. Later that year Berita Bank Kerjasama magazine is published for the first time with the Editor's Column touching on the possibility of establishing as single Co-operative Union in Malaysia.

1968

Bank Kerjasama opens its first branch in Sungai Petani, Kedah after the acquisition of Bank Persatuan Berkerjasama-sama Kedah Tengah.

1967

The Board of Directors decide to change the name of Bank Agong to Bank Kerjasama Malaysia Berhad or better known as Bank Kerjasama

1966

Bank Agong moves to its own building at Jalan Ipoh, Kuala Lumpur.

1964

Authorised Share Capital raised from RM2 million to RM20 million.
The Bank moved its Head Office to Kuala Lumpur.

1964

The construction of Bank Agong Headquarters in Jalan Ipoh commences.

1963

Bank Agong membership comprising of 32 Cooperatives with total share investment amounting to RM143,000

1961

Bank Agong moves its Headquarters to Kuala Lumpur in order to centralise its operational services to all customers in the Peninsula.

1958

Tan Sri Sheikh Ahmad launches a Five-Year Development Plan that aims to raise more than RM12 million in capital over the next five years

1955

The first election of the Board of Directors of the Bank is held in accordance to the votes of the regional members. Tan Sri Sheikh Ahmad is re-elected as the Chairman of the Bank. The Bank's headquarters relocates to Padang Kota, Penang.

1954

11 Union Banks merged on 28 September to become Bank Agong Kampong Berkerjasama-sama Persekutuan Tanah Melayu Dengan Tanggongan Berhad is officially registered with the Menteri Besar of Perlis, Tan Sri Sheikh Ahmad Mohd under the Cooperative Ordinance 1948. Hashim elected as the President of the Board of Sponsors. The Bank's first headquarters is established in Bukit Mertajam.