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Refah Bank Annual Report 2006-07

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Refah Bank Annual Report 2006-07 “In the name of God, The Compassionate, The Merciful” Refah Bank Refah Bank’s Annual Report 2011-2012 (21st March 2011-19th March 2012) . Chapter One: About the Bank 1 Statement of the Bank’s Chairman of the Board & Managing Director Under the grace of the sole God and sincere endeavor of the bank’s loyal personnel, the fiscal year of 2011-2012 (21st March 2011- 19th March 2012) has passed with prosperity & exaltation. We are confident that strengthening the enthusiasm of serving people in the mentioned year, will certainly be a valuable capital on support of which Refah Bank will experience great achievements in future. Particularly speaking, in the current circumstances that the Bank has joined the country’s private banks, a new horizon has been spread in the bank’s serving history. We are pleased that during the mentioned fiscal year (21st March 2011- 19th March 2012) the bank’s new Articles of Association has been approved in the 1130th session of CBI’s Monetary & Credit Council on 18/10/2011 in accordance with non- governmental banks’ Constitution and the greatest change has occurred in Refah Bank and the bank has become a private bank. Among Refah Bank’s measures in its move towards privatization during the mentioned year, issues such as: increasing the bank’s capital by Social Security Fund, revising the assets assessment & enjoying the benefits of tax non-payment law in the determined legal opportunity (subject of executive directive of note 78 of the country’s budget law) and above all registering different companies for the purpose of expanding activities can be pointed out. The bank’s privatization means entering the real world of competition, therefore in current circumstances Refah Bank is obliged to increase its productivity. Achieving this objective & succeeding in the current competitive environment depend on choosing a desirable planning and a prospective approach on one side and enjoying the cooperation & collaboration of all the bank’s components on the other side. We hope that under full favors of the Almighty God and with ever increasing motivation; more effective steps will be taken towards the arrogant objectives of the bank for better flourishing of Islamic Republic of Iran main goals. Seyed Ziya Imany Introducing the bank’s Members of the Board 2 Refah Bank’s History In tandem with execution of Article 39 of the country’s Budget Law of 1959 aiming to extend all banking services to people from all walks of life and especially to provide required facilities for workers and with an initial capital of IRR 400 Million out of the resources of Social Security insurances and for the purpose of receiving and paying the organization’s funds and using its reserves, Refah Bank has been established in 1960 & registered under number 7453. In the year 1979 concurrent with Iranian banks’ nationalization act, Refah Bank has been recognized as a commercial bank. In line with executing the approval of the high Administrative Council, Refah Bank has been classified under the shadow of Social Security Organization in 1993 while preserving its financial & legal entity. The greatest change of Refah Bank has took place in 2011-2012(21st March 2011- 19th March 2012) when subsequent to frequent follow-ups, the bank’s new Articles of Association has been approved in the 1130th session of CBI’s Monetary & Credit Council on 18/10/2011 in compliance with non-governmental banks Constitution and has been ratified in 57 articles & 25 notes. Refah Bank’s Vision and Mission Mission: Continuous endeavor for extending state-of-the art financial services to the society Vision: Refah Bank will be the symbol of extending distinguished services among local banks in the country in year 2021. Refah Bank’s Strategies Due to the bank’s privatization in 2011-2012 (21st March 2011- 19th March 2012) and since privatization means entering the real world of competition, Refah Bank compiled the bank’s strategies in the framework on “Refah Path” in order to increase productivity & success in the upcoming competitive environment. Leadership & Effective Management: With the distinctive role of managers in the bank’s success and on the basis of joint mission & vision, top managers of Refah Bank will pave the way to increase the possibility of outer flexibility, to strengthen 3 the inner integration, to spread cooperation and empowerment of staff and ultimately to meet the bank’s excellent objectives. Promotion of Human Capital: Refah Bank guarantees promotion of the quality of services and the clients’ satisfaction through empowering human resources and meeting their spiritual & materialistic needs and deems cooperation, collaboration and sympathy of human resources as a necessity in fulfilling “Refah path” strategy. Optimum Competitive Cost: Refah Bank extends its services with the least cost and the most benefits to customers while adjusting the incurred charges and applying frugal manner & managing costs optimally. Move towards complete fulfillment of Islamic Banking: Refah Bank does its best to implement Islamic means and contracts more than before while reiterating on extending services based on the principles of Islamic Banking. Beyond time & place while enjoying virtual banking: Considering the important role of IT in obtaining competitive merits, Refah Bank has put promotion of core data systems as its key priorities & objectives. Promotion of the bank’s services & brand: Refah Bank tries to be placed in an appropriate national, regional & international level with publicizing its entity to the society and creating more cooperation with institutions and financial authorities. Refah Holding and expanding investments: To enhance competitive capability, Refah Bank tries to change into the form of a multi-purposed financial incorporation through strengthening and diversifying services and accomplishing the value chain of services. Concerning the above, Refah Bank has planned to make some particular measures which include: attracting resources & increasing the bank’s capital to approach its position to private bank’s status and allocate the said capital in an optimal manner, financial transparency, paying more attention to expectations of the bank’s shareholders & beneficiaries, re-assessing the bank’s due debts, pricing the bank’s share and paving the ground for presenting such shares, preparing & collecting policies of providing & adjusting human resources & planning the structure of human resources appropriate to privatization necessities, making decisions on the status of retirement, amending the bank’s organizational structure and creating flexible organizational structure, redesigning systems of payroll and fringe benefits and revising the related directives and instructions, appraising the bank’s staff based on their performance, client orientation & making profit, moving towards completing the 4 package of services and responding to all needs & expectations of customers, socializing & training employees regarding the concept of bank’s privatization, organizing deficient branches and improving the branches network regarding their physical & geographical status, IT equipments &…, improving the status of pensioners, improving the status of electronic banking infrastructures especially core banking, selling surplus properties, establishing & registering subordinate companies, preparing the bank’s vision, mission & macro strategies of Refah Holdings and determining the strategies of subordinate companies with the approach of simulating the bank’s strategies in order to create value chain. Furthermore subsequent to the bank’s privatization, Refah Bank will pay more attention to attract commercial customers while maintaining its role to preserve the existing loyal customers with extending desirable & appropriate services to meet their needs. In this line, issues such as commercializing the bank’s branches, moving towards Corporate & Private Banking for the purpose of better wealth management and customizing the services for customers are among the bank’s key programs which incase of fulfillment will have great influences on the value of the bank’s share before entering Stock Exchange Market. Refah Bank’s Organizational Chart Refah Bank in a Glance Table (1): Refah Bank in a Glance Description Number Number of the Bank’s Personnel 10,655 Number of the Bank’s Branches 1,078 Balance of the Bank's Total Resources (Billion I.R. Rials) 99,479 Balance of the Bank's Total Uses (Billion I.R. Rials) 101,323 Iran’s Map & Refah Bank’s Geographical Distribution of Branches Refah Bank’s Main Services Refah Bank’s Special units: For the purpose of meeting the customers’ satisfaction and in order to extend desirable & appropriate banking services to different types of customers, Refah Bank has established special units which render the following services: 5 Special services for pensioners Typical commercial Unit 724 Round the clock Unit Refah Bank’s Foreign Exchange Services: Extending different services related to different kinds of foreign currency and local currency, import and export documentary credits and documentary collections in local and foreign currency Allocating foreign exchange credit facilities to the import of goods & services using short-term & mid-term credit lines Allocating foreign exchange credit facilities to the export of goods & engineering & technical services and implementing international projects Issuing different types of bank guarantees aiming to support exporters of goods & engineering & technical services and
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