Established on 15th January 1939 Bank Rahni Iran or Iran Mortgage Bank was established to provide services which caters to banking services, related to housing. Iran Mortgage Bank offers services like building, buying, completing, restoring of the houses against which real property are mortgaged and granting credit or money to the companies engaged in construction. There were other companies and banks in the market, engaged in construction services when Bank Rahni started its operations as the first specialized bank in the entire Middle East. After the passing of the Banking Affairs Administrative Act in Islamic Revolution Council on 7th June, 1979 the banking or financial institutes in Iran merged and a new merger was formed named 'Bank Maskan'. This bank extended the field of activities. It began to operate from its 933 branches. Its services includes providing services in housing sector, collection of deposits, services catering to other authorized sectors and other banking related services. By the end of the year 2005 the balance deposit of the bank includes Iranian rial which amounts to 66819.5 million from this 65024.9 million belongs to individuals and 1794.6 million belonged to legal entities. The branches of Bank Maskan by the end of March, 2006 had provided clients or applicants with about 318780 loans, which in Iranian rial amounts to 43446.8million. The bank also provides the expected interest in forms of restoration loan and civil participation.
Iran Mortgage or Iran Mortgage Bank is extending its roots in the field of information and technology. It has installed about 114 auto deposit system in its 68 branches in Tehran.
The main aim of Iran Mortgage is to promote mass construction in order to house people by using modern construction technology and to meet every architectural requirement. This idea led to the establishment of Housing Investment Company.
