# Refah Bank

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{{Short description|Iranian banking and financial services corporation}}
{{Infobox company
| name   = Refah Bank
| logo   = لوگو جدید بانک رفاه کارگران.svg
| logo_size = 280
| type   = [Public company](/source/Public_company)
| parent         = [Social Security Organization](/source/Social_Security_Organization_(Iran))
| foundation     = 1960
| location       = [Tehran, Iran](/source/Tehran) |
| key_people     = Esmaeil Lalegani,<br />[CEO](/source/CEO)
| industry       = [Bank](/source/Bank) |
| products       = [Retail banking](/source/Retail_banking)<br />[Transaction accounts](/source/Transaction_accounts)<br />[Insurance](/source/Insurance)<br />[Stock Brokerage](/source/brokerage_firm)<br />[Investment bank](/source/Investment_bank)<br />[Asset-based lending](/source/Asset-based_lending)<br />[Consumer finance](/source/Consumer_finance)<br />[Trade](/source/Trade)<br />[International payments](/source/Wire_transfer)<br />[Foreign exchange](/source/Foreign_exchange_market)|
| assets         = {{increase}} $11.3 billion (2023)
| revenue        =
| net_income     = {{increase}} $392 million (2023)
| num_employees  = 10,774(full-time)
| homepage       = [https://www.refah-bank.ir/En www.refah-bank.ir]
}}

'''Refah Kargaran Bank''', also known as '''Refah Bank''' (in {{langx|fa|بانک رفاه}}, ''Bank Refah''), is one of [Iran](/source/Iran)'s [major banks](/source/Banking_in_Iran). Bank Refah, with its headquarters in [Tehran, Iran](/source/Tehran%2C_Iran), is a retail commercial bank owned and controlled by [Social Security Organization of Iran](/source/Social_Security_Organization_(Iran)). Refah Bank provides a range of products and services.

==History==

===The workers' bank===
Refah is very nice 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](/source/Islamic_Revolution). With the Nationalization law passed by the Islamic [Majlis of Iran](/source/Majlis_of_Iran), the bank's ownership was transferred to the government. It was also recategorized as a commercial bank.

===Ownership===
In accordance with article 39 of [Iran](/source/Iran)'s 1959 fiscal budget, Refah Bank's initial capital was 400,000,000 [Iranian Rial](/source/Iranian_Rial)s (just over US$5.7 million) fully funded by the Iranian [Social Security Organization](/source/Social_Security_Organization_(Iran)). 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&nbsp;percent was paid by the Iranian Social Security Organization.<ref>{{cite web|url=http://www.bankrefah.ir/fa/aboutus/generalinfo.asp|title=General information about the bank|publisher=Bank Refah|url-status=dead|archiveurl=https://archive.today/20031110231008/http://www.bankrefah.ir/fa/aboutus/generalinfo.asp|archivedate=2003-11-10}}</ref> The bank currently owns a subsidiary in [Belarus](/source/Belarus), known as [Onerbank](/source/Onerbank)<ref>{{cite web |url=http://news.belta.by/en/news/econom?id=436755 |title=Iran?s Onerbank registered in Belarus - Economy / News / Belarus News &#124; Belarusian news &#124; Belarus today &#124; news in Belarus &#124; Minsk news &#124; BELTA - Belarus News &#124; Belarusian news &#124; Belarus today &#124; news in Belarus &#124; Minsk news &#124; BELTA |website=news.belta.by |url-status=dead |archive-url=https://web.archive.org/web/20110706163456/http://news.belta.by/en/news/econom?id=436755 |archive-date=2011-07-06}}</ref>

===Sanctions===
On 6 September 2013, the [European General Court](/source/European_General_Court) in Luxembourg ruled to annul the European Union sanctions in place since 2010 against the bank on grounds of supporting the Iranian nuclear and missile programs, as the EU had failed to explain the reasons for the sanctions.<ref name=nyt-20130906>{{cite news |url=https://www.nytimes.com/2013/09/07/world/europe/european-union-wrongly-imposed-sanctions-on-iranian-companies-court-rules.html |title=E.U. Wrongly Imposed Sanctions on 7 Iranian Companies, Court Rules |author=James Kanter |newspaper=New York Times |date=6 September 2013 |accessdate=6 September 2013}}</ref><ref>{{cite web |url=http://curia.europa.eu/jcms/upload/docs/application/pdf/2013-09/cp130099en.pdf |title=The General Court annuls the acts of the Council freezing the funds of seven companies and one person in connection with the restrictive measures taken against Iran with the aim of preventing nuclear proliferation |publisher=General Court of the European Union |id=Press Release No 99/13 |date=6 September 2013 |accessdate=6 September 2013}}</ref> As of 2016, the EU asset freeze was still in effect.<ref>{{cite web |url=http://www.klgates.com/european-union-and-united-kingdom-sanctions-update-march-2016-03-17-2016/ |title=European Union and United Kingdom Sanctions Update: March 2016 |publisher=K&L Gates |date=17 March 2016 |accessdate=21 May 2016}}</ref>

==Islamic banking==
{{see also | Central Bank of Iran}}
All banks in [Iran](/source/Iran) must follow the banking principles and practices described in the [Islamic banking](/source/Islamic_banking) law of Iran passed in 1983 by the Islamic [Majlis of Iran](/source/Majlis_of_Iran).<ref>{{cite web|url=http://www.cbi.ir/simplelist/1457.aspx|title=Iran's interest-free banking law|publisher=Central Bank of Iran|access-date=2007-01-05|archive-date=2007-02-03|archive-url=https://web.archive.org/web/20070203022325/http://www.cbi.ir/simplelist/1457.aspx|url-status=dead}}</ref> According to this law, banks can only engage in [interest-free](/source/Interest-free_economy) Islamic transactions ([interest](/source/interest) is considered as [usury](/source/usury) or [riba](/source/riba) and is forbidden by [Islam](/source/Islam) and the holy book of [Quran](/source/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 [contract](/source/contract)s, such as ''Mozarebe'', ''Foroush Aghsati'', ''Joale'', ''Salaf'', and ''Gharzol-hassane''.

In July 2007 the bank launched a new banking [service](/source/Service_(economics)) named "Gold Coins Deposit Account".<ref>{{cite web|url=http://www.bankrefah.ir/pdfs/fa/gold.pdf|title=Bank Refah's Gold Deposit Account|publisher=Bank Refah|url-status=dead|archiveurl=https://web.archive.org/web/20070928082619/http://www.bankrefah.ir/pdfs/fa/gold.pdf|archivedate=2007-09-28}}</ref> Through this new service, Bank Refah's customers can deposit their gold coins into a special [deposit account](/source/deposit_account) and in return receive points, which they can then redeem against future loans and credits. The launch of this unique deposit account, which received high publicity in the [Iran](/source/Iran)ian [media](/source/Mass_media), was marked by a presidential speech by the [Iran](/source/Iran)ian [president](/source/President_(government_title)) [Mahmoud Ahmadinejad](/source/Mahmoud_Ahmadinejad).<ref>{{cite web|url=http://www.bankrefah.ir/fa/phcoin.asp|title=Mahmoud Ahmadinejad speaks at Bank Refah's ceremony|publisher=Bank Refah|url-status=dead|archiveurl=https://web.archive.org/web/20070928082555/http://www.bankrefah.ir/fa/phcoin.asp|archivedate=2007-09-28}}</ref>

The bank's CEO Peyman Nouri announced in March 2007 that his bank has been authorized by the [Central Bank of Iran](/source/Central_Bank_of_Iran) to issue international [credit card](/source/credit_card)s.<ref>{{cite web|url=http://iran-daily.com/1385/2800/html/economy.htm|title=Bank Refah to Issue International Credit Cards|publisher=Iran Daily, March 8, 2007|url-status=dead|archiveurl=https://web.archive.org/web/20070930181533/http://iran-daily.com/1385/2800/html/economy.htm|archivedate=September 30, 2007}}</ref>

==Financial numbers==
{{As of|2023|alt=As of}} March, 2023 ($1 USD is approximately 450,000 [Iranian Rial](Rls) ):<ref>{{cite web|url=https://www.codal.ir/Reports/InterimStatement.aspx?LetterSerial=bMQyKl%2b5nZgGQQQaQQQ%2bInPdBgWA%3d%3d|title=Bank Refah's financial statements as of March, 2023|publisher=Bank Refah}}</ref>
*Total assets = $11.3 Billion {{increase}}
*[Capitalization](/source/Capitalization) = $1.4 Billion {{increase}}
*Total income = $412 Million {{increase}}
*Total loans = $2.7 Billion
*Total deposits (short and long term) = $2.6 Billion
*Number of branches = 1012
*Number of employees  = 10774

==Current CEO and directors==
*  Dr. Esmaeel Lalegani, CEO
*  Vahid Khanlari
*  Nejat Amini
*  Mostafa Sargolzaei
*  Hamidreza Fathi Beiranvand

== Payment Received controversial CEO ==
In June 2016 CEO of the bank's earnings news release (Ali Sidqi) by a news site about the rights and benefits administrators led to frequent controversy and debate.

==Information technology==
Bank Refah established its first [Data Processing](/source/Data_Processing) department in early 1970s. The Data Processing department was equipped with a small [IBM](/source/IBM) 370 [Mainframe computer](/source/Mainframe_computer), which was mainly used for [batch processing](/source/batch_processing) of [deposit](/source/Deposit_account) and [mortgage](/source/Mortgage_loan) accounts. The bank's IT department was later dissolved in 1976 and its staff were moved to the IT division of the [Iran](/source/Iran)ian Social Security Organization (ISSO).

After the [Iranian Revolution](/source/Iranian_Revolution) in 1978, the agreement with ISSO (and EDS) was terminated. Bank Refah stopped using ISSO [data center](/source/data_center) and reverted to manual processing. All business units and [bank branch](/source/bank_branch)es were instructed to set up paper-based customer and account [ledgers](/source/ledgers).

A few years later in 1988, then [CEO](/source/CEO) of the bank purchased the first [Personal Computer](/source/Personal_Computer) for the bank. However, despite the efforts, its IT [infrastructure](/source/infrastructure) and [system](/source/system)s are well behind modern [western](/source/Western_culture) and regional [bank](/source/bank)s. Lack of skilled IT resources, unavailability of high speed [data](/source/data) lines, insufficient investment, poor IT leadership and foreign sanctions have contributed to the slow progress of [data processing](/source/data_processing) in the [Iran](/source/Iran)ian banks and Bank Refah hasn't been an exception.

In the spring of 2007, Bank Refah opened its first unmanned branch in [Tehran](/source/Tehran) with two [ATM](/source/Automated_teller_machine)'s and four [information](/source/information) kiosks.

==See also==
{{Portal|Banks}}
*[Banking and Insurance in Iran](/source/Banking_and_Insurance_in_Iran)
*[Central Bank of Iran](/source/Central_Bank_of_Iran)
*[Privatization in Iran](/source/Privatization_in_Iran)
*[Islamic banking](/source/Islamic_banking)

==References==
<references/>

==External links==
{{commons category}}
*[http://www.refah-bank.ir/ Bank Refah Official website] {{Webarchive|url=https://web.archive.org/web/20120502213621/http://www.refah-bank.ir/ |date=2012-05-02 }} {{in lang|fa}}
*[http://goliath.ecnext.com/coms2/product-compint-0000755962-page.html Goliath Knowledge on Demand Web site]
*[http://www.thebanker.com/news/fullstory.php/aid/4436/The_start_of_an_economic_renaissance.html The Banker]
*[http://archnet.org/library/sites/one-site.tcl?site_id=1836 ArchNet] {{Webarchive|url=https://web.archive.org/web/20060515195112/http://archnet.org/library/sites/one-site.tcl?site_id=1836 |date=2006-05-15 }}
*[http://www.fas.harvard.edu/~iohp/subjectindex.pdf Iranian Oral History Project, Harvard University]
*[http://www.irimlsa.ir/myVK01/main/index.aspx Iran's Ministry of Welfare and Social Affairs Web site] {{Webarchive|url=https://web.archive.org/web/20070103043534/http://www.irimlsa.ir/myVK01/main/index.aspx |date=2007-01-03 }}

{{banks of Iran}}

Category:Banks established in 1960
Category:Iranian brands
Category:Iranian companies established in 1960
Category:Government-owned banks of Iran
Category:Companies based in Tehran

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Adapted from the Wikipedia article [Refah Bank](https://en.wikipedia.org/wiki/Refah_Bank) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Refah_Bank?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.