بانک رفاه

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.