Cooperatives A Vital Instrument To Improve People’s Living Standards - PM

KUALA LUMPUR, July 10 (Bernama) -- The cooperative institution is a vital instrument in helping to improve the living standards of Malaysians, particularly those in the B40 group, micro-entrepreneurs and local communities, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who is also Finance Minister, said that cooperatives not only provide financial services and banking facilities, but also serve as a platform to empower the people, in line with the government’s Malaysia MADANI vision.

“The MADANI government will continue to support and strengthen the cooperative sector as one of the engines of economic growth for the rakyat,” he said at the official opening of the Wisma Co-Opbank Pertama (CBP) here today.

His speech text was read out by Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick.

Anwar added that, according to the Malaysia Co-operative Societies Commission, more than 16,000 cooperatives had been registered as of December 2024, with total membership exceeding 7.2 million.

Meanwhile, the prime minister extended his appreciation to CBP for recording its strongest financial performance since its inception, with a profit of RM124.29 million for the financial year ending Dec 31, 2024, and total assets reaching RM12.84 billion.

He said CBP represents more than just a cooperative banking institution - it symbolises the economic struggle of the people, founded on the spirit of cooperation based on syariah principles and driven by values of humanity and social justice.

“I hope CBP’s accomplishments will continue to be carried forward by the cooperative movement in Malaysia, ultimately contributing to the nation’s economic well-being,” he said.

Anwar also expressed confidence that the official opening of Wisma CBP would provide an ideal platform for the Entrepreneur Development and Cooperatives Ministry to showcase and recognise the achievements of cooperatives on a national level.

He added that the new facility is expected to foster increased community participation in the cooperative sector and enhance its contribution to the country’s socioeconomic development.

Wisma CBP, a 13-storey building located in Kampung Baru, was officially launched in conjunction with CBP’s 75th anniversary on June 7. It stands as a symbol of CBP’s resilience and progress, reflecting its role as a leader in modern, inclusive and sustainable cooperative banking in Malaysia.

-- BERNAMA