Bank Refah

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Bank Refah بانك رفاه
Image:refah_logo.gif
Type Bank
Founded Tehran, Iran, 1960
Headquarters Tehran, Iran
Industry Bank
Products Financial services
Website http://www.bankrefah.ir/en/

Bank Refah Kargaran, also known as Bank Refah بانك رفاه, is one of Iran's major state owned banks. Bank Refah, with its headquarters in Tehran, Iran, is a retail commercial bank owned and controlled by Iran's Ministry of Welfare and Social Affairs. Bank Refah provides a full range of products and services to more than a million clients. Its SWIFT address is REFAIRTH.

Contents

[edit] History

[edit] 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 pensions, 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.

[edit] Ownership

In accordance with article 39 of Iran's 1959 fiscal budget, 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 Welfare and Social Affairs) in 1993. In March 2001, the bank’s capital was raised to Rls 1,961 Billion (approximately US$250M) of which close to 94 percent was paid by the Iranian Social Welfare Organization[1].

[edit] Islamic banking

All banks in Iran must follow the banking principles and practices described in the Islamic Banking law of Iran passed in 1983 by the Islamic Majlis of Iran [2]. According to this law, banks can only engage in interest-free Islamic transactions (interest is considered as usury or riba and is forbidden by Islam and the holy book of Quran). These are commercial transactions that involve exchange of goods and services in return for a share of the assumed "profit". All such transactions are performed through Islamic contracts, such as Mozarebe, Foroush Aghsati, Joale, Salaf, and Gharzol-hassane. Details of these contracts and related practices are outlined in the Iranian Interest-Free banking law and its guidelines.

[edit] Financial numbers

As of March 20, 2005 (1 Iranian Rial(Rls) was approximately US$9000)[3]:

  • 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
  • Number of branches = 1128
  • Number of employees = 9570
  • Market share = 6.8% of total deposits and 5% of total loans

[edit] Current CEO and directors

  • Peyman Noori Borojerdi, CEO
  • Ali Asghar Rashidi
  • Heydar Mostakhdemin Hosseini
  • Hadi Akhlaghi Feiz Asar
  • Reza Memar Isfahani

[edit] Previous CEOs

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

[edit] Significant buildings

  • Mofatteh Building — 125 Mofatteh Ave, Tehran
  • Pardis Building — 40 Shiraz Shomali, Tehran

[edit] External links

[edit] See also

[edit] References

  1. ^ General information about the bank. Bank Refah.
  2. ^ Iran's interest-free banking law. Central Bank of Iran.
  3. ^ Bank Refah's financial statements as of March 20, 2005. Bank Refah.
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