Islamic Cooperative Bank of Malaysia (ICBM) has received the permission from Cooperative Commission of Malaysia (CCM) on 27th November 2010 to start banking operations. ICBM is owned by Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa),
ICBM is the third cooperative bank in the country. The other two existing cooperative banks are Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) and Bank Persatuan Malaysia Bhd (Bank Persatuan).
The new cooperative bank is established a with minimum paid-up capital of RM300 million from the share capital of the existing credit and non-credit cooperatives members.
However, for the time being the bank would be called ‘Koperasi Masraf Angkasa’ because the name ‘ICBM’ has yet to receive approval from Bank Negara Malaysia.
Koperasi Masraf will operate from the Angkasa office in Wisma Ungku A. Aziz in Jalan SS 6/1, Kelana Jaya, Petaling Jaya until its new office has been identified.
The main activities of ICBM will be personal financing, housing loans and capital for the development of land.
Koperasi Masraf will be based on the Ta’awun concept (cooperate), with the charges based on the syariah principles while housing loan scheme is based on Musyarakah Mutanaqisah concept.