Bank Rakyat Malaysia

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Key details

Parent: branches

Overview

Bank Rakyat Malaysia is Malaysian Islamic cooperative commercial bank + Government of Malaysia + Malaysian cooperative shareholders ~100%+ controlling + Malaysia's largest Islamic cooperative commercial bank by branches + founded Sep 28 1954 in Kuala Lumpur Malaysia as Bank Agong Persatuan-Persatuan Kerjasama as Malaysian cooperative apex bank then 2002 Islamic conversion ^{1, Malaysia report}.

History

Sep 28 1954 — Bank Agong Persatuan-Persatuan Kerjasama founded in Kuala Lumpur Malaysia as Malaysian cooperative apex bank under British Malaya cooperative banking framework distinctive Malaysian cooperative banking heritage.

1973 — Bank Kerjasama Rakyat Malaysia Berhad Bank Rakyat rebrand consolidating Malaysian cooperative banking sector.

2002 — Islamic conversion from conventional commercial to Islamic commercial banking + Bank Rakyat becoming Malaysia's largest Islamic cooperative commercial bank by branches distinctive Malaysian Islamic banking conversion.

2014 — iRakyat Mobile banking app launch.

Ownership & operator

Operating entity: Bank Kerjasama Rakyat Malaysia Berhad Bank Rakyat (Malaysian Islamic cooperative commercial bank).

Major shareholders: Government of Malaysia + Malaysian cooperative shareholders ~100%+ controlling.

Regulators: Bank Negara Malaysia BNM + Suruhanjaya Koperasi Malaysia SKM cooperative regulator.

Technical integration

iRakyat Mobile app (iOS + Android) + bankrakyat.com.my online + Bank Rakyat branch network across Malaysia + Bank Rakyat Visa + Mastercard cards (Islamic-compliant); DuitNow QR (Malaysian national QR payment scheme) + Malaysian Ringgit MYR domestic transfers.

Implementations & partners

Major Malaysian banking + payments competitors: Bank Islam Malaysia (Bank Islam Malaysia Berhad; KLSE: 5258; Malaysia's first Islamic commercial bank) + Maybank Malaysia (Maybank; KLSE: 1155) + CIMB Bank (CIMB Bank; KLSE: 1023) + Public Bank Berhad / MyPB (Public Bank Berhad; KLSE: 1295) + Hong Leong Bank Malaysia / HLB Connect (Hong Leong Bank; KLSE: 5819) + DuitNow QR (DuitNow QR; Malaysian national QR payment scheme).

Regulators: Bank Negara Malaysia BNM + Suruhanjaya Koperasi Malaysia SKM cooperative regulator.

Status

Active, Malaysian Islamic cooperative commercial bank + Government of Malaysia + Malaysian cooperative shareholders ~100%+ controlling + Malaysia's largest Islamic cooperative commercial bank by branches + founded Sep 28 1954 in Kuala Lumpur Malaysia as Bank Agong Persatuan-Persatuan Kerjasama as Malaysian cooperative apex bank then 2002 Islamic conversion ^{1, 2}.

Sources

1 Bank Rakyat — official
2 Bank Rakyat — Wikipedia
^{Malaysia report} In-corpus: reports/countries/MY-malaysia.md

Source

Biography extracted from bank-rakyat.md. See matrix.md for standards-support matrix if present.