Yayasan Bank Rakyat was set up after the proposal for the establishment of an education fund by Bank Rakyat was approved during the annual general meeting of the bank on 11 June 2005 at Putra World Trade Centre. Following a study of the proposal, a decision was made for the bank to establish a foundation that would function as a separate entity, independent of the operations of the bank.
An application to establish the foundation was accordingly presented to the Ministry of Entrepreneur and Co-operative Development and the Ministry of Finance. The ministries jointly agreed to the proposal to establish the foundation. On 1 August 2006, Bank Rakyat received the approval from the Central Bank of Malaysia for the establishment of a foundation and on 18 August in the same year, the Ministry of Finance approved the use of the word “Bank” in the foundation’s name.
Upon completion of establishment processes, Yayasan Bank Rakyat was officially registered under the Trustees (Incorporation) Act 1952 [Act 258] with registration number PPAB-06/2007 on 16 May 2007. Yayasan Bank Rakyat was launched on 5 April 2008 in conjunction with the launching of the annual general meeting of Bank Rakyat by Datuk Noh Omar, the Entrepreneur and Co-operative Development Minister at Putra World Trade Centre. The foundation commenced its operation on 1 October 2008.