# Bank Rakyat Malaysia

> Source: https://docs.barcoder.ai/docs/wallets/bank-rakyat
> research date 2026-06-01 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Bank Rakyat — official](https://www.bankrakyat.com.my/)

## 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** <sup>[1][1], [Malaysia report](https://docs.barcoder.ai/docs/payments/MY)</sup>.

## 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](https://docs.barcoder.ai/docs/wallets/bank-islam-malaysia) (Bank Islam Malaysia Berhad; KLSE: 5258; Malaysia's first Islamic commercial bank) + [Maybank Malaysia](https://docs.barcoder.ai/docs/wallets/maybank-malaysia) (Maybank; KLSE: 1155) + [CIMB Bank](https://docs.barcoder.ai/docs/wallets/cimb-bank) (CIMB Bank; KLSE: 1023) + [Public Bank Berhad / MyPB](https://docs.barcoder.ai/docs/wallets/public-bank) (Public Bank Berhad; KLSE: 1295) + [Hong Leong Bank Malaysia / HLB Connect](https://docs.barcoder.ai/docs/wallets/hong-leong-bank) (Hong Leong Bank; KLSE: 5819) + [DuitNow QR](https://docs.barcoder.ai/docs/standards/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** <sup>[1][1], [2][2]</sup>.

## Sources

[1]: https://www.bankrakyat.com.my/ "Bank Rakyat — official"
[2]: https://en.wikipedia.org/wiki/Bank_Rakyat "Bank Rakyat — Wikipedia"
[my-cro]: https://docs.barcoder.ai/docs/payments/MY

- [1] [Bank Rakyat — official][1]
- [2] [Bank Rakyat — Wikipedia][2]
- <sup>[Malaysia report](https://docs.barcoder.ai/docs/payments/MY)</sup> In-corpus: `reports/countries/MY-malaysia.md`

## Source

Biography extracted from [bank-rakyat.md](https://docs.barcoder.ai/source/wallets/bank-rakyat). See `matrix.md` for standards-support matrix if present.