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.