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Refah Bank

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Bank Refah بانك رفاه
Company typeBank
IndustryBank
FoundedTehran, Iran , 1960
HeadquartersTehran, Iran
ProductsFinancial services
Websitehttp://www.bankrefah.ir/en/

Bank Refah Kargaran, also known as Bank Refah بانك رفاه, is one of Iran's major commercial banks. Bank Refah, with its headquarters in Tehran, Iran, is a Government Bank owned by Iran’s Ministry of Social Welfare. Bank Refah provides a full range of products and services to more than a million clients.

History

The Workers’ Bank

Bank Refah was established in 1960 to provide basic banking services to the Iranian workers. Those services included collection of insurance premiums, payment of salaries and benefits, mortgages and personal loans. Bank Refah was categorized as a non-commercial bank until it was nationalized in 1979 less than a year after the Islamic Revolution. With the Nationalization law passed by the Islamic Majlis of Iran, the bank’s ownership was transferred to the government. It was also recategorized as a commercial bank.

Ownership

Bank Refah’s initial capital was 400,000,000 Iranian Rials (just over US$5.7 million) fully funded by the Iranian Social Welfare Organization. Although the bank was nationalized in 1979, its management was returned to the Social Welfare Organization (now known as the Ministry of Social Welfare) in 1993. In March 2001, the bank’s capital was raised to Rls 1,961 Billion (approximately US$250M) of which close to 94% was paid by the Iranian Social Welfare Organization.

Islamic Banking

All banks in Iran must follow the Islamic principles and practices described in the Islamic Banking law of Iran passed by the Islamic Majlis of Iran. According to this law, banks can only engage in interest-free Islamic transactions. These are commercial transactions that involve exchange of goods or services in return for a share of the assumed “profit”. All such transactions are performed through Islamic Aghds (Contracts). Mozarebe, Foroush Aghsati, Joale, Gharzol-hassane are among the major Aghds outlined in the Iranian Interest-Free banking law.

Financial Numbers

As of March 20th, 2005 (1 Iranian Rial(Rls) was approximately US$9000):

  • Total Assets = Rls 41,453 Billion
  • Capitalization = Rls 895 Billion
  • Total Income = Rls 1,614 Billion
  • Total Loans = Rls 29,441 Billion
  • Total Deposits (short and long term) = Rls 25,719 Billion
  • No of branches = 1128
  • No of employees = 9570
  • Market Share (% of total bank deposits and loans) = 6.8% of deposits and 5% of loans


Current CEO and Directors

  • Peyman Noori Borojerdi – CEO (pnoor@bankrefah.ir)
  • Ali Asghar Rashidi (a.rashidi@bankrefah.ir)
  • Heydar Mostakhdemin Hosseini (hosseini@bankrefah.ir)
  • Hadi Akhlaghi Feiz Asar (akhlaghi@bankrefah.ir)
  • Reza Memar Isfahani

Previous CEO’s

  • Mohammad Taghi Jamalian
  • Parviz Ahmadi
  • Jabbar Saber Khiabani
  • Mohammad Hossein Kazemi Namin
  • Abdollah Ebtehaj

Significant buildings

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