Latest news with #BankRakyat
Malay Mail
17-05-2025
- Business
- Malay Mail
Malaysia's unclaimed money reaches RM13.3b, only RM4b claimed since 1977, says Accountant General
BATU PAHAT, May 17 — A total of RM13.3 billion in Unclaimed Money (WTD) was recorded by the Accountant General's Department (JANM) until last April. Accountant General Nor Yati Ahmad revealed that since the establishment of the unclaimed money (WTD) system in 1977, only about RM4 billion has been successfully claimed by rightful owners or their heirs. She said this situation likely occurred because many individuals or their heirs were either unaware that they had unclaimed money records or had never taken the initiative to check with the Accountant General's Department of Malaysia (JANM). 'They can actually check or submit a claim application via the official portal or eGumis application and go to JANM branches in each state. 'We will also continue to intensify promotions and field activities to publicise the existence of this WTD because it can only be issued by the owner or heir,' she told reporters after opening the Kampung Angkat Madani (KAM) and Santuni Madani Programme at Sekolah Kebangsaan (SK) Minyak Beku, here, today. Meanwhile, speaking about the KAM programme, she said that various activities were organised to support the local community and implement development projects, particularly those involving infrastructure improvements. He explained that in addition to the WTD counter, opened in collaboration with Bank Rakyat for the opening of children's savings accounts with a RM20 incentive per account, several other community-focused activities were also carried out. 'Among the physical development projects were upgrading water supply pipelines, repairing Islamic halls, constructing cemetery fences, enhancing funeral management facilities, and handing over a funeral van,' she said. She said the KAM programme aims to bridge the development gap between rural and urban areas by improving essential infrastructure, community facilities, and ensuring internet access is not overlooked. She noted that the implementation of KAM in Johor marks the second such initiative after its successful rollout in Kampung Lubuk Antu, Sarawak, last year. — Bernama
The Star
14-05-2025
- Business
- The Star
M'sia's cooperative sector a major economic driver
PETALING JAYA: There are more than 16,000 cooperatives in Malaysia, reflecting the sector's role as a major economic driver says the Entrepreneur and Cooperatives Development Ministry. Its minister Datuk Ewon Benedick (pic) said a total of 16,284 cooperatives were registered as of December last year, comprising some 7.2 million members nationwide or 21% of Malaysia's population. This marks 475 more cooperatives registered compared with the same period in 2023. According to Ewon, capital shares in the cooperatives sector amounted to RM18.3bil with RM173.3bil worth of assets, while recording RM68.1bil in annual turnover. 'These figures are a testament to the sector's potential and its role as a major economic driver,' he said in his address at the Asean Cooperative Dialogue held at a hotel here yesterday. Ewon noted how Malaysia's cooperative movement began in 1922 following the introduction of the Co-operative Societies Enactment 1922. 'The sector has expanded steadily over the years and continues its major role in driving socio-economic development for the country,' he said, noting that the sector began with only 11 cooperatives. He also cited Bank Rakyat, describing it as one of the country's most celebrated cooperative success stories. According to the minister, it began as a small cooperative bank and grew into one of the largest Islamic cooperative banks in South-East Asia. 'In the 2023 edition of the World Cooperative Monitor, published by the International Cooperative Alliance, Bank Rakyat was also ranked 244th among the world's top 300 cooperatives. 'This acknowledgment highlights its outstanding performance and contribution to Malaysia's economy, particularly as the country's largest Islamic cooperative bank.' Ewon said Bank Rakyat, Koperasi Tentera and Co-opbank Pertama are listed as the premier cooperatives, reflecting their robust financial health and good governance. 'These success stories collectively showcase how Malaysian cooperatives are at the forefront of driving inclusive and sustainable development, embodying both Asean 2025's aspirations and values of the Madani framework. 'They reaffirm the cooperative model as a powerful tool for social upliftment. A true economy by the people, for the people.' He said cooperatives play an important role in economic empowerment within the Asean region. 'It provides employment, promotes entrepreneurship and contributes significantly towards the gross domestic product across various member states.' Ewon said cooperatives must take centre stage in shaping a more resilient and inclusive Asean economy. He added that cooperatives should be given the same level of policy attention and institutional support as small and medium enterprises, which have benefited from financial aid, strategic incentives and structured policy frameworks. 'It is high time that cooperatives receive similar recognition and resources to maximise their impact,' he said. National Cooperative Movement of Malaysia president Datuk Seri Dr Abdul Fattah Abdullah called for greater recognition towards cooperatives. 'We must work together to ensure that cooperatives are treated as s a core pillar of Asean's economic development.' Abdul Fattah, who is also the Asean Cooperative Organisation president, urged for the establishment of an Asean Cooperative Ministerial Meeting to provide cooperatives with an official platform, similar to what small medium enterprises already have. 'The time for discussion is over; the time for action is now,' he said.
The Star
09-05-2025
- Business
- The Star
Bank Rakyat issues RM1bil senior sukuk wakalah
KUALA LUMPUR: Bank Rakyat has successfully issued a RM1 billion Islamic medium-term notes (IMTN) sukuk wakalah via special purpose vehicle (SPV) Imtiaz Sukuk II Bhd. The issuance was made through the book-building process on April 24, 2025 under the senior sukuk wakalah programme of up to RM10 billion, which has been assigned a rating of AA2 by RAM Rating Services Bhd. Bank Rakyat said in a statement that the issuance was made in two tranches, comprising RM120 million for a five-year tranche and RM880 million for a seven-year tranche. "The bank also managed to garner a respectable demand for its senior sukuk wakalah with a final bid-to-cover ratio of 1.98 times the final issue size,' it added. The proceeds from the senior sukuk wakalah issued will be utilised for shariah-compliant purposes, which include working capital requirements, capital expenditure, general investments, providing financing and other general corporate purposes. Bank Muamalat Malaysia Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd have been appointed as the joint lead managers for the sukuk wakalah programme. - Bernama
New Straits Times
09-05-2025
- Business
- New Straits Times
Bank Rakyat issues RM1bil sukuk via SPV
KUALA LUMPUR: Bank Rakyat has issued RM1 billion Islamic medium-term notes via special purpose vehicle (SPV) Imtiaz Sukuk II Bhd. The issuance was made through the book-building process on April 24 under the senior sukuk wakalah programme of up to RM10 billion, which has been assigned a rating of AA2 by RAM Rating Services Bhd. Bank Rakyat said in a statement that it is made in two tranches comprising RM120 million for a five-year tranche and RM880 million for a seven-year tranche. The bank garnered a respectable demand for its senior sukuk wakalah with a final bid-to-cover ratio of 1.98 times the final issue size. The proceeds from the senior sukuk wakalah will be used for Syariah-compliant purposes. This includes working capital requirements, capital expenditure, general investments, providing financing and other general corporate purposes. Bank Muamalat Malaysia Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd have been appointed as the joint lead managers for the sukuk wakalah.
New Straits Times
07-05-2025
- Business
- New Straits Times
Bank Rakyat launches Mastercard Touch Card for visually impaired
KUALA LUMPUR: Bank Rakyat has partnered with Mastercard to roll out the Touch Card feature across select cards, marking a major step forward in financial accessibility for visually impaired individuals in Malaysia. This move also makes Bank Rakyat the first Islamic bank in the country to offer this inclusive card solution. The Mastercard Touch Card is uniquely designed with tactile notches on the side of the card to help blind and partially sighted individuals easily distinguish between debit, credit, and prepaid cards. A rounded notch represents debit cards, a square notch indicates credit cards, and a triangular notch signifies prepaid cards. This feature also helps ensure the card is correctly orientated when used at ATMs or payment terminals. Bank Rakyat's chief executive officer, Ahmad Shahril Mohd Shariff, said the introduction of the Touch Card reflects the bank's commitment to enhancing banking experiences for all Malaysians, including those with visual impairments. "Financial services should be inclusive and accessible to everyone. Through our collaboration with PERTIS and Mastercard, we have integrated the Touch Card feature into selected card offerings to meet the specific needs of the visually impaired community, going beyond compliance to deliver solutions that genuinely improve everyday banking," he said in a statement. As part of the initial rollout in April 2025, the Touch Card feature has been implemented in two card portfolios: the Bank Rakyat Muslimah Credit Card-i, featuring a square notch, and the Bank Rakyat Debit Card-i, with a rounded notch. This initiative follows consultations with the Persatuan Orang-Orang Cacat Penglihatan Islam Malaysia (PERTIS), which provided insights into the daily challenges faced by the visually impaired when using bank cards—especially with the shift towards flat card designs that lack embossed text. According to the Department of Statistics Malaysia, nearly 64,000 people in the country are visually impaired. Globally, the World Health Organisation estimates over 2.2 billion people live with visual impairments. Mastercard Malaysia and Brunei country manager Beena Pothen said the collaboration is part of Mastercard's broader goal of building a more inclusive digital economy. "The integration of Mastercard's Touch Card design with Bank Rakyat, the first Islamic bank in Malaysia to adopt this feature, reflects Mastercard's dedication to working with like-minded partners globally to enhance accessibility and inclusivity. "Today, Mastercard is excited to put this simple but very meaningful design solution at the fingertips of Malaysians," he said.
