It's What We Do
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Your Choice Bank Choice Your Laporan Tahunan 2012 Laporan Tahunan Bank Kerjasama Rakyat Malaysia Berhad No. Pend. Kop. 2192 Impacting Lives It’s what we do 2012 Laporan Tahunan Tahunan Laporan Annual Report 2012 Ini yang kami lakukan kami yang Ini Menyentuh Kehidupan Menyentuh Annual Report 2012 Your Choice Bank ourvision ourmission Impacting lives. It’s what we do. We have never lost sight of the fact that we have the ability to impact the lives of our customers. With our strong values, resources and experience, we continuously bridge boundaries by tapping into our capabilities. The value of our services is experienced by a broad range of our customers with a variety of needs and expectations. From diversifying and upgrading products and services, exploring new business opportunities to meeting customers’ needs as well as other groups that have a stake in the operations of Bank Rakyat, we have an obligation and an expressed intent to meet their expectations. It’s what we do. Bank Rakyat is its members’ Choice Bank for all its product and service offerings are the best compared with those provided by other competing financial institutions. Since membership in Bank Rakyat is very significant, there is no reason for them to look at others. This vision generates the tagline:- ‘Bank Rakyat Your Choice Bank’ To help improve the economic well-being of members by providing financial facilities at an affordable rate for agriculture, production, marketing, industry, fishing, transportation, housing and business activities deemed beneficial to members and to also promote thrift and savings. (By-law Article 5(I)) bankrakyatyour choicebank inside thisreport Our Vision, Our Mission Inside this report 003 About Us 004 management & perspective Chairman’s Statement 006 Managing Director’s Review of Operations 010 highlights Financial Highlights 018 Five-Year Financial Summary 019 Shareholders’ Information 021 Corporate Information 024 Corporate Strategy 025 Group Corporate Structure 026 Statutes and Government Linkages 027 at a glance Milestones 1954-2012 030 2012 Media Highlights 034 2012 Corporate Events 036 Awards & Recognitions 042 Legacy of Excellence 043 leadership Board of Directors 048 Board of Directors Profile 050 Audit & Examination Committee 059 Shariah Committee Profile 060 Management Committee 062 Management Committee Profile 064 accountability Statement on Corporate Governance 072 Risk Management 078 Audit & Examination Committee Report 088 Terms of Reference for Shariah Committee 091 Financial Calendar 094 Notice of Annual General Meeting 095 financial statements Financial Statements 096 other information (In Bahasa Malaysia version) Head Office and Branches 218 Service Centres 232 Ar-Rahnu X’Change 233 Subsidiaries 238 Service Agent 239 Agencies under Ministry of Domestic Trade, Cooperatives and Consumerism 245 2012 ANNUAL REPORT BANK RAKYAT 004 About Us The cooperative movement in this country was started by the The bold and courageous decision by the management to British colonial administration way back in the early 1920s meet the demands of members and customers for a full- and that provided the foundation and platform for the sector’s fledged Islamic bank has placed Bank Rakyat where it is dynamic growth three decades later. Thus on 28 September today – a Bank that is able to stand on its own feet while 1954, the first domestic cooperative bank which today takes providing a multitude of products and services and various on the name Bank Kerjasama Rakyat Malaysia Berhad or facilities to customers. It is worth noting that the move to Bank Rakyat was born. Bank Rakyat came about due to the provide the Ar-Rahnu Pawn Broking-i from the mid-1980s, a far-sightedness of those at the forefront of the cooperative favourite choice with many customers today. Since then Ar- movement who believed that progress in the sector would Rahnu has expanded to reach every nook and corner of the also help transform the country’s economic landscape and country while being a viable alternative to the conventional thereafter, improve the economic well-being of the people. pawn-broking. During its early years Bank Rakyat operated along the lines of From a business perspective, the performance of Bank a cooperative that provided credit for the agricultural sector Rakyat in 2012 continued where 2011 left off, with its profit but now it’s known as an Islamic cooperative bank that offers before tax and zakat recording RM2.11 billion for the year various services, products and facilities at par with commercial ending 31 December 2012, up from RM2.02 billion the year banks. The successes achieved by the Bank were not without before, an improvement of 4.7 percent. During the same hindrances but this path it had to take has contributed to its period the Bank’s assets were worth RM79.21 billion transformation, from being a conventional bank to an Islamic compared to RM72.48 billion, an increase of 9.3 percent the bank. The route to transformation that began in the early previous year. This makes Bank Rakyat one of the most 1990s eventually achieved its objectives fully in 2002. stable and strongest organisations in the country. The Bank, which is an agency under the Ministry of Domestic Today the number of branches totals 141 with two Service Trade, Cooperatives and Consumerism, has continued to Centres. The network is supported by more than 600 progress in line with the government’s aspirations to make automatic teller machines and cash deposit machines. The the cooperative sector a significant contributor to the national Ar-Rahnu operations at the branches are backed by 59 economy. The support provided by the ministry has put the Ar-Rahnu X’Change outlets, of which 36 are owned and Bank on the right track to achieve the objectives of its managed by cooperatives and 23 are owned and managed establishment. by Bank Rakyat. To further ensure the needs of customers are met at all times, the Bank now provides the tele-Rakyat As a bank that is fully responsible towards its members and call centre which can be reached at 1-300-88- customers, the management of Bank Rakyat remains 1BANK(12265). Internet banking is another service, committed to ensure that its touchpoints are always up-to- available at www.irakyat.com.my. Those who wish to date and in tune with changing times. Similarly, its most obtain corporate information and learn latest development prized assets, its human capital, continues to be a priority. on Bank Rakyat can do so by visiting our website at www. The route taken by Bank Rakyat today must reflect a positive bankrakyat.com.my, Facebook or Twitter/myBankRakyat. and mature corporate image for it to remain as “Your Choice Bank”. It is thus not surprising that Bank Rakyat should be bestowed with various recognitions and awards from the government, cooperative and banking-related organisations. Bank Rakyat recorded profit before tax and zakat of RM2.11 billion for the financial year ended 31 December 2012 2012 ANNUAL REPORT BANK RAKYAT 006 Tan Sri Dato’ Sri Sabbaruddin Chik Chairman 2012 ANNUAL REPORT 007 BANK RAKYAT CHAIRMAN’S STATEMENT Dear Stakeholders, It gives me great pleasure to present the Annual Report for the financial year ended 31 December 2012 (FY2012). I must first of all express my heartfelt gratitude on being appointed Chairman of Bank Rakyat beginning 9 April 2012. I am indeed honoured to be given the privilege and trust to chair such an esteemed group of experienced and distinguished Board of Directors, working hand in hand with dedicated individuals in the Management team. I am pleased to report that Bank Rakyat has recorded commendable financial achievement for FY2012 despite operating in a challenging environment. We have made firm progress in the attainment of our strategic objectives – and indeed we have even surpassed our short-term goals. I take this opportunity to reiterate that Bank Rakyat remains firmly committed to its principles as Malaysia’s leading Islamic cooperative Bank, and is anchored by decades of valuable experience as a Bank for and of the people. In view of the continuing economic transformation of our country, we will stay true to our vision of being our members’ Choice Bank for all our product and service offerings. Our mission will likewise remain the same, we will help to improve the economic wellbeing of our members. As always, we will promote thrift and savings in all our programmes, services and consumer outreach. STERLING PERFORMANCE Despite weaker exports resulting from ongoing global uncertainty, the Malaysian economy beat expected targets by achieving 5.6% Gross Domestic Product (GDP) growth in 2012. This growth was driven by the momentum of all sectors – particularly manufacturing and construction – and although exports contracted by 1.5% in Q4 2012, consumption was buoyed by strong domestic demand and increased government infrastructural expenditure. In tandem with the nation’s progress, our financial performance in 2012 was marked by exceptional growth and strong results. Gross income for the year 2012 grew 13.2% to RM6.23 billion primarily on financing activities (accounting for RM4.96 billion or 79.6% of the total – an increase of 11.2% over the previous year), representing a record-breaking achievement for the Bank. 2012 ANNUAL REPORT BANK RAKYAT 008 Chairman’s Statement Deposits grew 7.1% to RM62.67 billion performance, retain our personal driven by both retail and corporate financing leadership whilst growing other deposits. Retail deposits remained as financing portfolios, and to develop a our focus with a growth of 50% year- culture of extremely high performance on-year. This was fuelled in large part by throughout the Bank. specific market targeting, including a savings campaign (Kempen Simpan & We made solid progress in the year Menang), attractive rates, an increase in under review with our personal financing customers contributions to retail deposits portfolio, expansion of our Ar-Rahnu by 26.31% (RM409.13 million) year-on- network, and the introduction of new year, as well as market and community wealth management products and outreach programmes.