Bank Rakyat

Bank Rakyat is an Islamic cooperative bank which was established on 28 September 1954 under the Cooperative Ordinance of 1948, 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 bylaws and Bank Kerjasama Rakyat Berhad Act 1978, which allows Bank Rakyat to provide financing to non-members.

Source: Wikipedia