The formation of a new bank was first proposed by Haj Mohammad Hassan Amin Dar al-Zarb known as Amināl-Zarb (one of the great Tehran stockholders) in 1879 ten years before the
creation of the King Bank, to Naser-al-Din Shah Qajar.[6] But this proposal was not accepted
with the interference of the countries that dominated Iran and their agents. Instead, the King
Bank was established in Iran. After the establishment of the constitution, when the government allowed the National Assembly to allow external borrowing, the national feelings were excited
that had been hurt by past loans and the behavior of foreign banks. So, the deputies
demanded the establishment of the National Bank in order to curtail the political and economic influence of said banks and restore the treasury finances while opposing external borrowing.[7]
A group of traders and merchants committed to participate in the bank. Thus, it was published
with a statement that showed the general feelings and popular interest in establishing a
national credit bank in Iran in December 1906.[8]