Bank Rakyat

Bank Rakyat also known as Bank Kerjasama Rakyat Malaysia Berhad is an Islamic cooperative bank that was established on 28th of September 1954 under the Cooperative Ordinance of 1948 which also was known as the Cooperative Societies Act 1993 following the growth of the cooperative movement that was happening in Peninsular Malaysia. In order to facilitate the cooperative movement’s expansion, the co-operatives set up their own respective union banks to give financial needs to their members.

Therefore, on 28th of September 1954, 11 of these respective union banks agreed to merge and form Bank Agong which was also known as Apex Bank that serves as the foundation of Bank Rakyat. The full name of Bank Agong was Bank Agong Kampong Bekerjasama-sama Persekutuan Tanah Melayu Dengan Tanggongan Berhad and the bank was registered under the act of Cooperative Ordinance 1948. The bank was first based in Bukit Mertajam before it was being moved to Kuala Lumpur, the capital city of Malaysia in 1964. Over at Kuala Lumpur, the bank has its name changed to Bank Kerjasama Berhad and subsequently extended its memberships not only to cooperative members but also to individuals in 1967. The by-laws also helped the bank to set up different subsidiary companies and to open different branches to serve its members and other customers.

On 6th of January 1973, Bank Kerjasama Berhad was changed to Bank Rakyat or Bank Kerjasama Rakyat Malaysia Berhad. Bank Rakyat was then governed by the law and Bank Kerjasama Rakyat Berhad Act 1978 (Special Provision 202) that allows the bank to provide financing to non-members and to broaden its scope of activities. On 8th of May 1993, Bank Rakyat chose to do a complete transformation from their conventional banking system to a banking system that was based on Syariah principles and making it Syariah compliant. As a result of being a full-fledged Islamic Cooperative bank after being able to successfully convert its 1.1% conventional assets balance in order to comply with Syariah guidelines, Bank Rakyat has been recording encouraging profits year after year and for the financial year ending 31st of December 2015, Bank Rakyat has recorded a pre-tax and pre-tax profit of as much as RM2.01 billion. Bank Rakyat was also able to set up branches in Sarawak and Sabah in 1994 after the review of the Cooperative Act that happened in 1993.

Bank Rakyat is an entity controlled by the Ministry of Land and Co-operative Development and Consumerism since 2004. Previously, Bank Rakyat was controlled by the Ministry of Land and Co-operative Development and Ministry of Finance from 1989 but the control was given to Central Bank of Malaysia under the Development of Financial Institution Act in 2002.

Today, Bank Rakyat continues to expand their product range and customer facilities that are innovative and varied and the products and facilities include commercial banking, consumer banking, investments, savings and financial planning products to satisfy the modern day needs and demands of a wide spectrum of customers. The bank has also received several recognitions and accolades as a major industry player and known as an outstanding cooperative organization both locally and internationally.

To date, Bank Rakyat has 148 branches with over more than 960 automated teller machines (ATMs) and cash deposit machines that offer Islamic banking facilities to their customers. Bank Rakyat also operates a pawnshop based on Islamic principles known as Ar-Rahnu X’change. There is a total of 95 Ar-Rahnu X’change outlets in Malaysia today. The key people on the board of Directors for Bank Rakyat are General Tan Sri Dato’ Sri Abdul Aziz Haji Zainal as the Chairman, Dato’ Mustafha Hj. Abd. Razak as the Managing Director and President and Dato’ Setia Haji Mohd. Tamyes Abd. Wahid is the Syariah Committee’s Chairman. The current headquarters of Bank Rakyat is based at Menara Kembar Bank Rakyat situated along Jalan Rakyat in Kuala Lumpur.


RHB Easy Loan


RHB Easy Loan
From 13.47% interest rates
Form RM 2,000 to RM 150,000 financing available
1 to 7 years repayment
Aged from 21 years to to 58 years old
Minimum repayment of RM78.01
Malaysian Citizens and permanent residents only
8 minutes processing

RHB Banking Group strengthens its service when they introduced easy banking concept called ‘Easy’ for its branches. It could be used for daily banking operation and every operation through this system take at least 8 minutes to process. This is very beneficial for borrowers who need cash urgently. Whereas customers have to manage their activities using application form as usual, the Easy RHB only needs the customers’ MyKad. The Easy concept provides personal loan products, savings and insurance services with an offer for the Amanah Saham Nasional Berhad (ASB) savings and Employees Provident Fund (EPF) kiosk.




Easy-Express Loan is a convenience personal loan without any collateral where interest will be charged upfront to the amount of loans approved and interest will be calculated in advanced for the entire tenure based on the “Rule of 78” (Rule 78 is a concept or a method of calculating the principle rate (total amount) and interest where interest will be in a greater percentage at the early stage of monthly instalment payment period).

Moreover, the loan has a maximum tenure up to 5 years for government employees, employees of private sector organizations or self-employed individuals. The minimum installment amount is RM57.74e per month with financing amount of RM 2,000 with 60 months repayment period.

Interest Rates

The interest rates of RHB Easy starts from 8.31% to 13.47% Flat p.a. which translates to around 15% to 24% EIR . The rates vary based on income of the applicant, amount of financing and tenure of financing. Basically you can enjoy better interest rates when you have higher salary and borrow larger amount over longer period of time.

Fees and charges

There is a 6 months lock in period for the loan where you will be sujected a RM 200 termination fees if you settle your loan during the period. There is a Personal Smart Sheild (PSS) insurance which is optional.  This insurance will cover your loan in case of any unfortunate event that happens to you. There is a 1% penalty for late repayment while bank can also gradually increase your interest if you fail to pay consecutively after 3 months.


This loan is available for Malaysian citizen only, aged between 21 to 55 years old, and have a total personal income not less than RM18,000 per year or RM1,500 per month.


For salaried workers;

  1. A photocopy of MyKad (front and back)
  2. Payslip or salary statements 
  3. Updated bank statements (1 month for public or private sector)  
  4. EPF statements ( Minimum 6 months) 

For self-employed workers and commission earners;

  1. A copy of MyKad (front and back)
  2. Business or company registration certificate
  3. Commission statements for commission earners
  4. Bank statements for the last 6 months that shown the income of business or company(6 months for business owners and commission based)
  5. Latest B or BE form together with payment or receipt confirmation slip from Domestic Institution (LHDN)


  • On the spot renewal and disbursement , this comes in hand for those who are in urgent need of cash


  • Very high interest rates effectively at 24% (EIR) , flat 13% if your loan is little.

Repayment Table

If you are interest, you can download the repayment table at

Easy Pinjaman Ekspres