Explore services provided by Bank Rakyat

19 November 2023

By AVV

RANAU: Residents here should explore and take advantage of the services provided by Rakyat Xcess and Ar-Rahnu X'Change by Bank Rakyat to manage their finances.

Minister of Entrepreneur Development and Cooperatives, Datuk Ewon Benedick, said this when launching the Rakyat Xcess and Ar-Rahnu X'Change at Bank Rakyat's Ranau branch, today.

He said the opening of Rakyat Xcess and Ar-Rahnu X'Change by Bank Rakyat here is highly aligned with the concept of Malaysia Madani to provide a more inclusive financial ecosystem.

He said Rakyat Xcess offers a range of banking facilities accessible to all segments of society, such as opening savings accounts. On the other hand, Ar-Rahnu X'Change provides Shariah-compliant financing facilities based on gold collateral, specifically the easy and fast Gadai-i Scheme.

According to him the opening of Rakyat Xcess and Ar-Rahnu X'Change in Ranau, which is known for its tourism activities, is in line with the government's goal of further promoting economic activities and entrepreneurship in the state of Sabah.

He said his Ministry is always committed to enhancing the economic growth of rural communities, including ensuring that holistic banking services and financial solutions are accessible to all groups.

“I believe that the initiative to expand the banking network is highly aligned with the Ministry's continuous commitment to fulfill its mandate of assisting rural communities in accessing various services, including financial and banking services that are essential to them, just like the services enjoyed by urban communities.”

“Based on the 2024 Budget with the theme of Economic Reform, Empowering the People, MEDC has been allocated RM778.8 million. Out of this amount, RM547 million is for development expenditure, and RM231.8 million is for administrative expenditure. This marks an increase of RM46.4 million compared to the 2023 Budget, particularly in development expenditure, which has been increased by RM26.8 million.”

With the increased allocation for MEDC in the 2024 Budget, KUSKOP will implement programmers AND initiatives for the development of entrepreneurs and cooperatives to benefit more recipients.

“Therefore, I have high expectations that local small and medium enterprises (SMEs) and cooperatives will become more competitive and able to enhance their business capacity,” he said.

“I have also been informed that we will soon witness the contribution of the Kasih Wira Negara Lahad Datu Programme by Bank Rakyat to the families of Royal Malaysia Police officers who sacrificed their lives in the Lahad Datu incident in Sabah in 2013, as recognition of their bravery and sacrifice in defending the country,” he said expressing his hope that the contribution can help alleviate the burden and provide moral support to the families concerned.

Also present during the event were Datuk Mohd Irwan Mohd Mubarak, Acting Chairman of Bank Rakyat and Dato' Dr. Mohammad Hanis Osman, Chief Executive Officer of Bank Rakyat.