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Co-opbank to open membership to Sabah Bumis soon

14th July, 2018


KOTA KINABALU: Sabahans can look forward to the benefits of joining the Co-opbank Persatuan Malaysia Bhd when its existing by-law of Malay membership is extended to Bumiputera soon.

Its chief executive officer Mohd Nor Abd Razak said the existing law is in the process of amendment, pending approval from the cooperative Commission of Malaysia (SKM).

“Based on the existing laws, we are limited to Muslims but it will soon be open to muslim and non-muslim Bumiputera; amendment and approval may be obtained before July 23,” he said during Co-opbank Raya open house at Alamesra.

He noted that Co-opbank Sabah had shown slow progress compared to other branches throughout the nation which may result from the people’s lack of awareness, apart from the limited membership.

Although Sabah branch has been set up since 2016, he said, many still do not know about the cooperative bank and its existence in the State.

Co-opbank, he explained, apart from supported by regulators, SKM and Bank Negara, was the first cooperative in Malaysia that earned the co-opbank status and is one of the 13,000 cooperatives in the country.

“The future for Co-opbank is very bright because we operate on a cooperative concept where year-end profit will be distributed in the form of dividend to members and for the past three years, we have developed 5 additional branches, making a total of 20 branches throughout the nation.”

As a cooperative bank, he said, Co-opbank does not only provide personal financing but also loan to corporate and cooperatives which he said is required of by SKM, to help other cooperatives.

SKM had also granted Co-opbank to provide guidance to other cooperatives that wants to go into banking.

“So any cooperatives that need loans or assistance will be assessed to see whether they are eligible for financial assistance and at the same time we will guide them.”

Meanwhile, Vice Chairman Omar Hj. Mat Som said members will earn greater profit with Co-opbank rather than investing in other agencies.

“Our dividend so far is above normal deposit and if we look at deposits or dividends disbursed by other agencies, we are at par.

“Our dividend last year was 8.5% whereby 2.5% was for zakat while 6% was given out so it means that our shareholders won’t have to think about zakat because we have settled it out for them.”

He added that Co-opbank targets to increase its dividend to 12.5% by 2020 with 10% for pay out and 2.5% for zakat.

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