jb4388

Attached is a brief overview of the Central Bank of Iraq’s reform project for the private banking sector. These reforms aim to modernize the sector, enhance transparency, and align with international standard. مشروع إصلاح القطاع المصرفي الخاص في العراق -en (1).pdf

So, I upgraded my X account and was playing with the Grok feature. Here are a few questions I asked it.. Q. Is Warka Bank in Iraq operating in full capacity? A. As of February 21, 2025, there is no definitive, up-to-date public information confirming whether Warka Bank in Iraq is operating at full capacity. Warka Bank for Investment and Finance, once one of Iraq’s largest private banks, has faced significant challenges over the years, including liquidity issues and regulatory interventions by the Central Bank of Iraq (CBI). Here’s what can be pieced together based on historical context and the lack of recent updates: Historically, Warka Bank encountered severe financial difficulties starting around 2010-2011, when its cash-to-deposit ratio dropped dramatically, signaling liquidity problems. In 2012, the CBI placed the bank under guardianship due to insolvency risks after failed negotiations with Standard Chartered Plc to sell a stake. This move was intended to supervise the bank through its financial troubles, with the CBI appointing a temporary administration to restructure it. In 2013, Warka claimed a court victory against the CBI, asserting that its financial decline was due to mismanagement by the CBI and the Ministry of Finance, not its own practices. The CBI reportedly lifted its guardianship in August 2013 following a court decision in May of that year. However, subsequent updates on the bank’s operational status are scarce. Since then, Warka Bank has largely faded from prominent financial news, and there’s no clear evidence from accessible sources—like the bank’s own website (which has been intermittently functional or outdated in the past) or recent CBI statements—indicating it has fully recovered or resumed normal operations. Posts on platforms like X and older forum discussions (e.g., from 2015) suggest some depositors could access accounts sporadically, but these are anecdotal and outdated. The Iraqi banking sector itself remains troubled, with ongoing issues of corruption, limited digital infrastructure, and reliance on cash transactions, which could further complicate Warka’s ability to operate at full capacity. Without a current official statement from Warka Bank or the CBI, or recent news coverage as of February 21, 2025, it’s reasonable to infer that Warka Bank is unlikely to be operating at full capacity, if at all. Banks recovering from such prolonged distress typically require significant recapitalization and regulatory approval to resume full services, and no such developments have been widely reported. For a definitive answer, you’d need to check directly with the CBI or Warka Bank’s official channels, though their transparency has historically been limited. Q. Is Warka Bank stock (BWAI) currently trading on the ISX? A. Based on the most recent available data, Warka Bank for Investment and Finance (stock ticker: BWAI) is not currently trading on the main platform of the Iraq Stock Exchange (ISX) but has been listed on the Over-the-Counter (OTC) platform. Specifically, according to a Rabee Securities Iraq Stock Exchange market report for the trading week ending September 12, 2024, the procedures for listing BWAI on the OTC platform were completed, and the bank was set to start trading there on September 16, 2024, with a capital of IQD 271,626,270,238. This shift to the OTC platform followed instructions from the Iraqi Securities Commission (ISC) and was contingent on registering the shareholders' register and depositing over 20% of the company’s capital. The move to the OTC platform typically indicates that a stock is not actively trading on the ISX’s primary market, often due to regulatory, financial, or operational issues. Historically, Warka Bank faced significant challenges, including a delisting from the ISX in 2011 by the Ministry of Trade for failing to meet capital requirements, followed by years of financial distress and guardianship under the Central Bank of Iraq (CBI) until at least 2013. While there’s no explicit update beyond September 2024 confirming its current trading status as of February 21, 2025, the lack of mention of BWAI returning to the ISX’s main market in subsequent reports or broader financial news suggests it remains on the OTC platform rather than the primary ISX market. However, the Iraqi Stock Exchange and its reporting can be opaque, and real-time updates are not always publicly available. As of the latest indicators from early 2025 (e.g., an ISC report from January 6, 2025, mentioning trading activity but not specifically BWAI), there’s no evidence that BWAI has resumed trading on the ISX’s main board. Therefore, BWAI is likely still trading on the OTC platform rather than the ISX proper, unless a significant unpublicized change occurred post-September 2024. For absolute certainty, you’d need to consult the ISX’s official daily trading logs or contact a licensed brokerage like Rabee Securities directly, as public data lags behind real-time market activity. Q. I own shares in Warka Bank. Should I liquidate all my shares and walk away? A. Deciding whether to liquidate your shares in Warka Bank (BWAI) and walk away is a complex choice that depends on your financial goals, risk tolerance, and the current status of your investment. Since I don’t have access to your personal financial situation or the exact details of your holdings (e.g., purchase price, number of shares), I’ll provide an objective analysis based on available information as of February 21, 2025, to help you weigh your options. Ultimately, this isn’t financial advice—consider consulting a licensed financial advisor for a tailored recommendation. Warka Bank’s recent history offers some context. The bank has faced significant challenges since the early 2010s, including liquidity crises, guardianship under the Central Bank of Iraq (CBI) from 2012 to 2013, and a delisting from the Iraq Stock Exchange (ISX) main market in 2011 due to insufficient capital. By September 2024, BWAI was moved to the ISX’s Over-the-Counter (OTC) platform, with trading set to begin on September 16, 2024, reflecting a capital base of IQD 271,626,270,238 (roughly $207 million USD at current exchange rates). OTC trading often signals lower liquidity and higher risk compared to the main market, as it’s typically reserved for companies that don’t meet standard listing requirements. There’s no clear public data confirming robust trading activity or a return to the ISX main board since then, suggesting the stock remains in a less active, potentially volatile state. The Iraqi banking sector itself is fraught with structural issues—limited digital infrastructure, heavy reliance on cash, and exposure to political and economic instability. Warka’s past insolvency troubles and lack of recent, transparent updates on its financial health (e.g., revenue, profits, or loan portfolio performance) make it difficult to assess its recovery trajectory. If the bank has stabilized or is poised for growth, holding could make sense—but there’s little evidence of this in public records as of now. Conversely, if it’s still struggling, the stock could be a liability, especially given the Iraqi dinar’s volatility and the challenges of repatriating funds from an OTC-traded stock in a frontier market. Your decision hinges on a few key questions: Current Value vs. Purchase Price: Are your shares still worth anything significant? OTC stocks can trade at steep discounts, and liquidity might be low, meaning selling could lock in losses or be hard to execute at a fair price. Opportunity Cost: Could your capital be better deployed elsewhere—say, in a more stable market or asset class? Iraq’s economic risks (e.g., oil dependency, geopolitical tensions) contrast with safer options like diversified ETFs or bonds. Sentiment and Goals: Are you holding for a speculative turnaround, or has this become a sunk cost you’re ready to cut loose? If Warka’s operational status remains murky, optimism might be more hope than strategy. On the flip side, selling now could be premature if Warka is quietly rebuilding. The OTC listing in 2024 suggests some level of regulatory oversight and a pulse, however faint. But without fresh financial statements or market buzz indicating a revival, it’s a long shot. The practical challenge of liquidating—finding a buyer, navigating Iraqi brokerage logistics, and dealing with currency exchange—could also erode any proceeds. If your shares are a small fraction of your portfolio and you can afford to wait, holding might be a low-stakes gamble on an unlikely recovery. If they’re a bigger chunk or you need liquidity, selling (even at a loss) could free you from uncertainty and let you reinvest with clearer prospects. Check the ISX website or a local broker for the latest BWAI price and volume data—sparse trading could signal it’s time to exit. What’s your gut telling you about this investment, and how much are you willing to risk on a bank with such a cloudy outlook?

I was notified on Oct 11, 2024 to send my transfer of share forms to Karmal and they said wait 1-2 weeks. Today I get the second email with a few more forms to fill out. (Feb 3 ,2025) There have been 1862 trades made for Warka between the two above dates. The first listed price started @ .57 on Sept 19, 2024 and has been descending ever since. Total trades since Sept 19th. have been 2537. Traded Value thus far 2,161,291,698 Traded Volume 6,548,714,086 I don't know how many folks have sold and gotten out and how many are scooping up lower priced shares? These numbers are from a spread sheet I've made to follow Warka's return or demise. Company Name Code highest price lowest price Average price No.of Trades Traded Volume Traded Value Sun 10/13/2024 Al-Warka Bank BWAI 0.26 0.24 0.25 5 102,168 1,128,956 Mon 02/03/2025 Al-Warka Bank BWAI 0.20 0.19 0.19 10 25,037,232 4,847,596

I am VERY interested to see what the balance is since it has been 10 years since I have had any access to them. I have a balance from Warka dated 12/9/2015 for comparisons.

I received this email from my broker today. Can't wait!

I saw this posted on FB so I'm just passing it along. Merry Christmas to all! Warka Bank is one of the private Iraqi banks. It was established in 1999 with a capital of 500 million dinars. During its journey, many increases were made to its capital. In 2009, it became 75 billion dinars, and another increase occurred in 2010 to reach 105 billion dinars by capitalizing retained earnings and opening the door to subscription. Since 2009 and 2010, Warka’s problems began to surface, as it refused to pay depositors’ withdrawals. After that, it was subjected to the guardianship of the Central Bank of Iraq, then its activity was resumed again, and after that, it remained as it was, drowning itself in promises, and its activity decreased and it disappeared from sight. After it had 119 branches inside and outside Iraq, its branches became 6, and only its main branch appeared, which began to move from one place to another until it settled now in the Mansour area / Baghdad. During 15 years, the bank’s transparency towards customers was absent. There was no news, no activity, no website, no budget, no final accounts, and the board of directors held its meetings discreetly in Erbil, while its headquarters Baghdad, and although the bank has a board of directors and an authorized director, they are hidden from the auditors and the visible face is an employee called (Abu ....), and his duties are to make promises and not fulfill what he says. When you listen to what he has, you find that things are fine, but the reality is that the situation is deteriorating from year to year and changing from week to week. In line with the call of hundreds of depositors in this bank whose money has been withheld from withdrawal since 2009 until today, we have researched the reality of this bank through its final accounts for the year 2023, in which we found many scandals and adventures. The bank's capital was 75-105 billion (in the year of default) and its final accounts for 2023 show interesting figures, including: the value of assets is 432 billion dinars, of which 346 billion are unclassified credit facilities (confirmed, doubtful, bad), and the largest liabilities on the bank are deposits worth 334 billion and other liabilities worth 98 billion and the accumulated deficit is 260 billion, and during 2023 the total expenses amounted to 2 billion and 868 million, of which 1 billion and 467 million are salaries and benefits for employees, and these expenses are offset by revenues of only 6 million dinars, and it also shows that the volume of deposits is 334 billion dinars for accounts (current, fixed, savings), of which 184 billion are for individuals, 92 billion for companies, and 57 billion for government agencies, and despite these large figures, the value of cash assets at the Central Bank is 3.5 billion and the total of its other assets Including real estate 81 billion, and here the question comes to mind: if the deposits are 334 and the assets are 81, then where did the depositors’ money go? The answer is that it went to credit balances worth 352 billion, which are loans provided to others (before 2009) and have not yet been recovered, including letters of guarantee issued to aliens and corrupt people to submit tenders for projects, most of which have turned into faltering or out of sight. The number of borrowers is (542), 23% of whom have loans of less than 2 billion and 77% have loans of more than 2 billion dinars. It was found that a quarter of the loans provided were without guarantees and the remaining percentage was with various guarantees. The procedures taken to return the loans, some of which the courts issued decisions to return them and others are pending lawsuits or execution or the lawsuits have not been completed regarding them yet. In general, the final accounts of Al-Warka for the year 2023 did not witness anything indicating the possibility of returning depositors’ money, even the bank’s decision to increase the capital to 271 billion dinars through recycling and subscribing to shares amounting to 166 billion (including 45 billion shares for the value of its properties and the bank granted a loan after seizing and mortgaging properties worth 80 A billion in favor of the Central Bank of Iraq) which is in compliance with the Central Bank’s decisions that the capital of private banks should not be less than 250 billion during 2024, may be faced with some questions, as the nominal value of one share upon subscription is (1) dinar, while the trading value of the Warka share in the Iraq Stock Exchange in the session of Wednesday 12/18/2024 was at a rate of 280 fils, which is much less than its nominal value, so who will subscribe to increase the capital when the share is offered at a quarter of the subscription value?! There are many numbers about these accounts that we do not want to go into details about because they are indeed a source of frustration for depositors who are waiting to recover their money that they deposited in an officially licensed bank that is still unable to repay their money in whole or in part. Most of the deposits have been converted into credit facilities, most of which are unpaid loans, and the amount of the bank’s reserve in the Central Bank does not constitute an interesting number. The remaining assets and properties of the bank were mortgaged to the Central Bank in exchange for the loan to increase the capital. Some have the right to wonder about the reasons for the (negligence) in monitoring the work of Al-Warka throughout those years. The situation remains despite the succession of five ministries in ruling the country, and the Central Bank and other concerned parties have not answered how the bank provides these facilities that far exceed its capital and assets? How were the funds of individuals, companies and government agencies disposed of from deposits in the presence of regulatory bodies that are supposed to take into account the preservation of public and private funds for depositors? This situation affects confidence in Iraqi banking and may reduce the feeling of security and reassurance regarding the funds of depositors in any of the country's banks. Are they banks or gambling halls where funds are given without real guarantees? If there are those who are counting on increasing the bank's capital and obtaining a loan worth 45 billion dinars guaranteed by the assets, why does the bank not gradually resume its activity, perhaps returning part of the funds, and when will it be able to pay 334 billion to depositors and other billions to service and repay loans? The urgent question that the state agencies (the Presidency of the Republic and the Council of Ministers, the Council of Representatives, the Financial Supervision, the Central Bank) should be concerned with is: Doesn't the violation of the rights and funds of depositors constitute violations of the constitution and laws governing the work of banks? Why don't we find the Board of Directors, the Managing Director and others in the dock for their persistence in gambling with the funds of depositors, individuals and companies? It seems that the voices of depositors did not move the concerned officials to take action. The demonstrations, marches and media messages that were repeated time and time again, in which they knocked on various doors and did not find a solution to return the money, are a call from citizens (who are supposed to be rewarded because they transferred their money to the country’s banks instead of hoarding it here or there) directed at everyone to do their duty and be the best guard for the Iraqis. Allowing their money to be lost has caused the death of some and turned others into destitute people, and many have been unable to treat their illnesses due to their lack of money, and Al-Warka is still alive and roaming around in name without treatment. It is a plea to those concerned with the issue to address matters and punish those who are negligent. There are odors spreading in the air indicating the existence of collusion and corruption in such cases, which is offensive to the noses and souls

CASH Dividends deposited into Karmal account yesterday from IBSD shares.

Al-Karmal is the brokerage firm I use for the ISX. Not talking about Kamala

Just received an authorization letter from Karmal for 29% cash dividends for Baghdad Soft Drinks.

I agree NMP2017, it was a big volume day. Not sure what the ratio is buying to selling. According to Karmal's daily report. None of the below info shows up on a regular market report. ( not listed with the rest of the Banks on daily report) All these transactions are listed under OTC on the ISX daily report. I had to dig it up on the ISX main page. Attached is my list of Warka trading's I have complied. Today and yesterday was a big day in Traded Volume. Maybe individuals are now gaining access to their shares and are selling? I'm not sure. Anyone cares to explain. Footnotes: * Sunday 10/20/24 had .70 as the opening price on the ISX page. Until today it WAS the highest Trade by Volume. Could have been a glitch but these numbers are from the same source each day, so I included it. Overall average prices are increasing based on the chart I attached. Top 3 Losers Change Percent Last Price Daily Volume Warka Bank for Investment & Finance (BWAI) -11.36% 0.390 508,377,804 Top 3 by Value Trading Value % of Total Last Price Warka Bank for Investment & Finance (BWAI) 204,160,104 10.60% 0.390 Top 3 by Volume Trading Volume % of Total Last Price Warka Bank for Investment & Finance (BWAI) 508,377,804 24.66% 0.390 Warka ISX - Sheet1.pdf

Saw this on a FB post. Would love to see those returns again...

I have sent my forms to Karmal asking to transfer my Warka Share. ( they say could take up to a month). I have a balance in my Warka bank account but not a substantial amount. If possible, If possible, I will ask to buy shares or look to see if Warka will write a check to Karmal for that balance? Who really knows. My last account balance was around 2014. I wish there was a working Warka email and some type of communication.

I posted Karmal's reply on the other forum page.

Just received an email from Karmal about Warka Bank. Dear Investors, Warkaa Bank has been relisted on the market. If you previously held Warkaa Bank shares, please submit the following: 1. Authorization letter for Al Karmal to receive your stock certificates and deposit them into your Karmal Brokerage account. 2. Notarized copy of your passport. 3. Completed KYC form (attached) to update your information, unless done within the last 6 months. Send all documents via email. Processing may take up to one month. For any questions, please contact us. Best regards,

Seems today was one of the heaviest days of trading for Warka. Wondering if these are all sells or is someone buying as well?