BankRakYat
BankRakYat
Submitted by Garry Cronan on October 15, 2007 - 3:55pm. BankRakYat | Banking and Finance | Malaysia | Community | Developing 300 | Principles/CSR | DevelopmentBankRakYat is the largest co-operative Islamic bank in Malaysia, providing financing facilities for agricultural purposes and initiatives involving production, marketing, industry, fishery, transportation, housing, business and other activities to its members.
Developing 300 ranking:
4
Number of members:
45,000Member Dividend:
USD $66,547,079Turnover:
USD $: 247,533,477Type of Co-operative:
Co-operativeDate founded:
1954Operating Countries:
Malaysia
Website:
Community
Bank Rakyat sponsors social welfare programmes and contributes financially to a variety of causes. The amount set aside for these activities increases every year.
Almost all programmes involve the participation of the local branch. A lot of thought goes into the planning to ensure that the activities and contributions benefit a cross-section of the population, with a focus on rural areas.
A core activity is the hosting of examination seminars for students sitting the UPSR, PMR and SPM, in collaboration with Berita Harian. This programme is in line with the Bank’s objective of enhancing the economic status of its members. Places are offered to children of the Bank’s members and those from the school co-operatives.
In 2005, a total of 30 seminars were held at 30 locations throughout the country. More than RM300,000.00 was spent on this programme in 2005.
Further assistance for educational advancement was given in the form of scholarships to children of members to pursue their studies up to diploma and first degree levels.
In addition, the Bank pays an annual business tithe. A sum of RM12.0 million was paid in all states in 2004. Students from several schools all over the country received support from this Islamic obligation.
The Bank also acts as a tithing agent which means that it plays a role in
encouraging the payment of tithes and thus, helping to increase the amount collected, while also spreading further the services it offers to the Islamic community at large.
As part of the ‘duit saku.com’ programme initiated by Bank Negara Malaysia (BNM), the Bank has so far adopted 184 schools in order to promote financial awareness and thrift. Activities held include organising relevant discussions and briefings at these schools, as well as participation in exhibitions organised by BNM to promote the programme.
In line with this effort, the Bank also plays an active role in the distribution of ‘Buku Wang Saku’ (BWS) to students. BWS, published by BNM, emphasises accounting and financial education for secondary students. To ensure that this programme succeeds, the Bank has allocated a substantial budget for 2006.
Bank staff take part in the Community Service Programme held at eight locations in the country. The activities carried out included the cleaning of cemeteries and repainting of orphanages and mosques.
Development
While it is not the Bank’s policy to trumpet the total amount donated each year, suffice it to say that the 2004 Tsunami victims alone received RM1.1 million.
Apart from the Tsunami victims, those who benefited from Bank contributions in cash and kind included the earthquake victims in Pakistan, Pink Ribbon Deeds or PRIDE in their Walk with Pride programme, Perdana Leadership Foundation, the 30th Annual Meeting of the Islamic Development Bank (IDB) Board of Governors and a long list of mosques and homes for the poor and destitute.
