Bank Rakyat
| Islamic cooperative bank | |
| Industry | Islamic banking |
| Founded | 28 September 1954 |
| Headquarters | Menara Kembar Bank Rakyat, Jalan Rakyat, Kuala Lumpur, Malaysia |
Key people | General (R) Tan Sri Dato' Sri Paduka Dr. Abdul Aziz Zainal (Chairman) |
| Products | Banking and Finance |
| Website | http://www.bankrakyat.com.my/ |
Bank Rakyat (Bank Kerjasama Rakyat Malaysia Berhad) is an Islamic cooperative bank which was established on 28 September 1954 under the Cooperative Ordinance of 1948 (Cooperative Societies Act 1993), following the growth of the cooperative movement in Peninsular Malaysia. The bank is an entity under the control of the Ministry of Domestic Trade, Cooperatives and Consumerism since 2004; in 1989 it was controlled by the Ministry of Land and Co-operative Development and the Ministry of Finance and in 2002 changed control to the Central Bank of Malaysia under the Development of Financial Institution Act.
Bank Rakyat is governed by its by laws and Bank Kerjasama Rakyat (M) Berhad Act 1978, which allows Bank Rakyat to provide financing to non-members.
The bank was founded as a result of a merger with 11 union banks. The bank's first name was Bank Agong (Apex Bank) with the full name Bank Agong Kampong Bekerjasama-sama Persekutuan Tanah Melayu Dengan Tanggongan Berhad and registered under the Cooperative Ordinance 1948. It was first based in Bukit Mertajam, Penang before being moved to Kuala Lumpur in 1964. After being renamed Bank Kerjasama Malaysia Berhad (Bank Kerjasama) in 1967, the bank extend 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. Bank Rakyat switched to its current name on 6 January 1973. Further broadening its scope of activities, it then extended its financial services to non-members.
The review of Cooperative Act in 1993 enabled Bank Rakyat to open its branches in Sabah and Sarawak in 1994.
On 8 May 1993, Bank Rakyat became 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.
Bank Rakyat also operates Islamic pawnshop outlets named Ar-Rahnu X'change.