General Contractor of Housing Industrialization in Iran

About Refah Bank

MAPSA company is one of Iran’s Refah Bank companies,in this article we present you some information about Refah Bank :


Bank Refah Kargaran, also known as Bank Refah (in Persian: بانک رفاه‎), is one of Iran‘s major banks. Bank Refah, with its headquarters in Tehran, Iran, is a retail commercial bank owned and controlled by Social Security Organization of Iran. Bank Refah provides a full range of products and services to more than a million clients. Its SWIFT address is REFAIRT.


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.


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 Security 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 Security Organization. The bank currently owns a subsidiary in Belarus, known as Onerbank.

Financial numbers

As of June 16, 2010 ($1 UD is approximately 10,400 [Iranian Rial](Rls) ):

  • 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

Significant buildings

  • Valiasr Building — 2584 Valiasr Ave, Tehran, Iran
  • Mofatteh Building — 125 Mofatteh Ave, Tehran, Iran
  • Pardis Building — 40 Shiraz Shomali, Tehran, Iran

Information technology

Bank Refah established its first Data Processing department in early 1970s. The Data Processing department was equipped with a small IBM 370 Mainframe computer, which was mainly used for batch processing of deposit and mortgage accounts. The bank‘s IT department was later dissolved in 1976 and its staff were moved to the IT division of theIranian Social Security Organization (ISSO). At the time Electronic Data Systems (EDS) was developing a social security application for ISSO and was also managing ISSO’s data center. After the Iranian Revolution in 1978, the agreement with ISSO (and EDS) was terminated. Bank Refah stopped using ISSO data center and reverted to manual processing. All business units and bank branches were instructed to set up paper-based customer and account ledgers.

A few years later in 1988, then CEO of the bank, Mohammad Hossein Kazemi Namin, purchased the first Personal Computer for the bank. He then hired a group of IT professionals and re-established the data processing division. A year later, he made a significant investment and purchased an IBM 4381 Mainframe computer from the United Kingdom. Since then, the bank‘s IT division has purchased, developed and implemented several small and large computers and software packages. However, despite the efforts, its IT infrastructure and systems are well behind modern western and regional banks. Lack of skilled IT resources, unavailability of high speed data lines, insufficient investment, poor IT leadership and foreign sanctions have contributed to the slow progress of data processing in the Iranian banks and Bank Refah hasn’t been an exception.

In the spring of 2007, Bank Refah opened its first unmanned branch in Tehran with two ATM‘s and four information kiosks. This bank branch is located at Galoobandak in the vicinity of Tehran’s Grand Bazaar.

Bank Refah has installed over 500 Automated Teller Machines (ATM) across its branches in Tehran and other cities. The ATM network is connected to the Iranian Shetabnetwork allowing customers to withdraw cash from any ATM in the country.