Bank Rakyat was established on 28 September 1954 under the Cooperative Ordinance 1948 (known as the Cooperative Societies Act 1993). Today, Bank Rakyat is the biggest Islamic cooperative bank in Malaysia with assets totaling RM109.62 billion as at end of December 2019.
The transformation in 2002 of the Bank from a conventional banking system to a banking system based on Syariah has enabled the Bank to record encouraging profits year after year. For the financial year as at the end of December 2019, we have recorded a pre-tax and pre-zakat profit of RM1.79 billion.
We continue to expand our product range and customer facilities that are varied and innovative. The products and facilities include consumer banking, commercial financing, savings and investments as well as products of financial planning to satisfy the many demands of a wide spectrum of modern day customers.
Efficient delivery channels continue to be expanded and continuously improved. We continue to maintain a friendly corporate image to place us on a sound footing as Your Bank of Choice.
We have received various recognitions as an industry player and as an outstanding cooperative organization in Malaysia as well as internationally.
As an entity under the purview of the Ministry of Entrepreneur Development and Cooperatives (MEDAC), we are committed to support the mission of the Ministry to consolidate the cooperative sector as the mainstay of economic growth of the nation via all the efforts and steps that we have arranged.
To date, we have 147 branches with more than 990 automated teller machines (ATMs) and cash deposit machines (CDM), and 183 Ar-Rahnu X'Change nationwide. Bank Rakyat also operates our contact centre, tele-Rakyat that can be reached at 1-300-80-5454(Toll Free) and the iRakyat internet banking at www.irakyat.com.my.