Bank Refah was founded in June 1960 with the aim of providing any kind of banking services for people from all walks of life and special facilities and credits for laborers. Its initial investment of 400 million I.R.R. was designated by Social Security Organization. In 1979 following the bill on administration of banking affairs and nationalization of the banks Bank Refah was considered as a commercial bank and in July 1993 it was being supported by S.S.O owning 46% shares of the bank