Sign in to follow this  
Followers 0
phlip

Warka's Latest News Bulletin

5 posts in this topic

The CBI must be getting serious and doing something right under its current 3 year (2016 – 2019) Stand By Agreement (SBA) with the IMF.

This is the latest (March 26, 2017) news bulletin from Warka Bank translated from the Arabic:

 

Our Valued Customers

 

The Central Bank of Iraq has notified all governmental institutions and companies that it has removed guardianship over them and therefore allows this bank (Warka) to exercise all of its activities and services.

 

IMO, this opens the door for the CBI to start selling CD’s to all subsidiary banks including Warka Bank.

 

If Warka Bank buys Cd’s from the CBI and then resumes the sale of CD’s to its foreign depositors, that may open the door for Warka to again start allowing internal transfers within our accounts ~ from our USD accounts to our IQD accounts and back again.

 

If Warka starts to allow internal account transfers, then that may open the door for Warka to start allowing external transfers from our USD accounts back to our home banks.

 

If Warka starts to allow external transfers, then that may open the door for Warka to again start selling pre-paid Master Cards which we can fund and set limits on from our Warka accounts and use to get USD anywhere in the world.

 

Of course, without a correspondent bank somewhere in the country where our home accounts exist, an external transfer to our home accounts is a no go.

 

IMO, it will pay for us to log on to our accounts to check when transfers are again an option under the Inquiries button.

Also, I think it’s a good idea to continue to monitor Warka’s home page for the list of correspondent banks in our home countries, as well as the interest rates for our savings accounts and potential CD accounts.  

 

The CBI note did say “exercise all activities and services”.

4

Share this post


Link to post
Share on other sites

phlip,

Hate to tell you bro but this is old news...this came out in January of 2016..still good news though...

Warka Bank.PNG
CBI lifted custody over Al-Warka Investment Bank (BWAI)
According to CBI’s announcement, CBI lifted custody over Al-Warka Investment Bank (BWAI). CBI announced that it is supporting the rehabilitation of the bank’s investment and financing activities. In addition, CBI allowed BWAI to continue all of its banking activities including participating in foreign currency auctions.

 

 http://www.cbi.iq/documents/press for 28-1-2016.pdf

http://www.cbi.iq/documents/press%20for%2028-1-2016.pdf

1

Share this post


Link to post
Share on other sites

DoD

Thanks for the input, but I’m already well aware of the news announcement that you are referring to. In fact, the announcement that you are referring to is much older than January 2016.

Check out Warka’s own news announcements on the same subject posted on these (6) previous dates:

 

November 7, 2015

 

The Central Bank of Iraq expresses its warm greeting,

We would like to inform that as part of the Warka Bank rehabilitation plan the Central Bank of Iraq hereby approves the practice of all your banking activities in accordance with your banking licenses issued by the Central Bank of Iraq in accordance with Central Bank of Iraq bylaws and regulations which includes the entry into the CBI bid auction for the purchase and sale of foreign currency.

Best regards,

Salman Eidan Abdullah
Director General

 

September 6, 2015

 

Dear Warka Clients,

The Central Bank of Iraq board of directors have agreed to rehabilitate Warka Bank for Investment and Finance in accordance with a set get well plan . This decision has been announced and broadcasted through all Iraqi TV networks.

Best regards.

Warka Bank for Investment and Finance

 

March 31, 2014

Dear Customers

Decision to lift the guardianship for Warka Bank for investment and finance Beirut

 

February 6, 2014

 

Banking and Credit Supervision Committee / Banking Research and Studies Department

To: Warka Bank for Investment and Finance

Subject: Lifting Custodianship

The decision has been reached to lift the custodianship in accordance with the tribunal court for financial services verdict in accordance with its letter no.5 / financial services/2013 /September 9th 2013

Acting Director General
Abdulabbass Khalaf Sultan
January 21st 2014

 

December 9, 2013

 

Dear Warka Clients and Shareholders,

 

Further to our website post dated October 9th 2013 with regards to the court proceedings between Warka Bank for Investment and Finance and the Central Bank of Iraq Warka Bank Board of Directors are delighted to inform our fine clients and esteemed shareholders that the High Tribunal Court – Rasafa Appeal Court on November 28th 2013 has yet again awarded its verdict Reference No. 1752/M/2013 in full favour of Warka Bank for Investment and Finance instructing and enforcing the Central Bank of Iraq to fully rehabilitate Warka Bank for Investment and Finance holding the Central Bank of Iraq fully liable and responsible for all the damages occurred on the bank to complete the rehabilation task efficiently to the best interest of the bank, clients, shareholders and management.

 

The rehabilitation verdict has retained full legal stature where Warka Bank for Investment and Finance is currently waiting for the Central Bank of Iraq to act in accordance with the verdict and court order where we will keep all the good parties well updated attached is a copy of the winning verdict.

 

In this respect Warka Bank Board of Directors would also like to add that the High Tribunal Court – Rasafa Appeal Court on November 28th 2013 issued its final verdict Reference No. 1690/M/2013 rejecting and declining the request of Central Bank of Iraq dated February 4th2013 to reconsider and reopen the bankruptcy case the request of the Central Bank of Iraq to proceed in this matter throwing the case out of court closing this case preventing the Central Bank of Iraq from taking such course of action ordering the Central Bank of Iraq to lift and dismiss the appointment of the second Central Bank Custodian Committee that has been assigned for this specific task which until now the Central Bank of Iraq has not obeyed the courts verdict and decision.

 

In Summary Warka Bank for Investment and Finance on November 28th 2013 has won two verdicts both of which have retained full legal stature:

1- The full rehabilitation of Warka Bank for Investment and Finance holding the Central Bank of Iraq fully liable and responsible ordering the Central Bank of Iraq to efficiently implement and execute the rehabilitation task.

2- Declining dismissing refusing and canceling the request of Central Bank of Iraq for the court to reconsider the bankruptcy case closing this matter ordering the Central Bank of Iraq to lift and cancel the Custodianship appointed by the Central Bank of Iraq for this task.

 

Kindly note that both verdicts have been attached for your fine consideration where Warka Bank for Investment and Finance is currently waiting for the CBI to execute the verdicts and follow the court decisions accordingly.

 

Respectfully,

 

Board of Directors

Warka Bank for Investment and Finance

 

October 9, 2013

Dear Warka Clients and Shareholders,

On February 29th 2012 the Central Bank of Iraq Board of Directors reached a decision of appointing a CBI custodian committee on Warka Bank for Investment and Finance where in turn Warka Bank for Investment and Finance raised a legal case against the Central Bank of Iraq objecting the appointment of a CBI Custodian Committee and the case was presented to the Tribunal Court for Financial Services reference No.1 / Financial Services / 2012. After many legal sessions and court hearings the Tribunal Court for Financial Services verdict was in full favor of Warka Bank for Investment and Finance lifting the CBI Custodianship on the bank because according to the court the CBI Custodianship did not meet the legal terms, conditions and criteria. This verdict retained full legal stature.

Surprisingly on February 4th 2013 the Central Bank of Iraq submitted a request to the Tribunal Court for Financial Services to receive an approval from the court to raise a bankruptcy case against Warka Bank for Investment and Finance reference No. 5/Financial Services/ 2013  and for this purpose the Central Bank of Iraq decided to appoint another CBI Custodian committee on August 26th 2013 right after an earlier board meeting held a day before on February 25th 2013 where the CBI board of directors decided to lift the initial Custodianship which they appointed. Again after many court hearings and sessions as well as presenting the entire case to Financial, Banking, Monetary and Economic experts the Tribunal Court for Financial Services issued its verdict yet again in favor of Warka Bank for Investment and Finance declining the Central Bank of Iraq bankruptcy request and case. 

As the Central Bank of Iraq was unconvinced with this verdict they appealed it Appeal Court Reference No. 1505/M/2013. On October 7th 2013 the Appeal Court issued its verdict in favor of Warka Bank for Investment and Finance certifying the court verdict issued by the Tribunal Court for Financial Services for the reasons indicated by the Tribunal Court for Financial Services as the Central Bank of Iraq decided to lift the CBI Custodianship on August 25th 2013 in accordance and response to the Tribunal Court  for Financial Services verdict (No.1/ Financial Services/ 2012 May 26th 2013) after which the Central Bank of Iraq decided on August 26th 2013 to appoint a new CBI Custodian on Warka Bank for Investment and Finance to raise a bankruptcy case against the bank and due to the fact that the appointment of a CBI Custodian is contrary and discrepant to the verdict reached by the Tribunal Court for Financial Services thus Warka Bank for Investment and Finance objected and raised a legal case against the Central Bank of Iraq for appointing the new Custodianship reference No. 10/ Financial Services/2013

On September 22nd 2013 the court issued its decision declining the objection made by Warka Bank for Investment to lift the new CBI Custodian as the issue on hand does not have any legal grounds as by law to initiate a bankruptcy case against a bank a Custodian must be first appointed for this task where under the current circumstance in accordance with the verdict awarded in favor of Warka Bank for Investment the the CBI bankruptcy case declined thus once the verdict retains and reaches full legal stature the CBI Custodianship will be dismissed with the dismissal of the bankruptcy case as one is interconnected with another the dismissal of one is the dismissal of the other. 

In Summary Warka Bank for Investment and Finance has won two verdicts both of which have retained full legal stature:

1.   The objection case against the appointment of the CBI Custodianship Committee reference No. 1/Financial Services/ 2012 where the court awarded its verdict in favor of Warka Bank for Investment and Finance lifting the CBI custodianship where the verdict retained full legal stature. 

2.   The CBI request to raise a bankruptcy case reference No. 5/ Financial Services/ 2013 in which the verdict was awarded in favor of Warka Bank for Investment and Finance declining and dismissing the entire CBI request and case for not meeting the legal terms and conditions as well as court criteria. This verdict reached and retained full legal stature. 

 Kind Note:

There are still four cases against the Central Bank of Iraq for reputable and financial damages raised by the below: 

1.   Depositors 

2.   Shareholders 

3.   Staff 

4.   Managing Director demanding the full rehabilitation of the bank by the Central bank in accordance with the reasons indicated in all the court cases noting that as the four cases share legal similarities and are interconnected the court has decided to unite all of them into one case reference No. 1/ Services/ 2013 which is yet to finalized and hearings are still taking place.

Thank you for your time and cooperation.

Sincerely.

Board of Directors 

Warka Bank for Investment and Finance

 

This latest March 26, 2017 news bulletin that I have referenced on this thread is something else and actually refers to all financial institutions around Iraq including Warka Bank. I added the (Warka) in the translation just for emphasis.

 

The CBI has been keeping a lid on the activities of all 30 private banks in Iraq, not just Warka.

Its methods of suppression have included: not providing enough cash by not allowing full participation in the daily auctions, not selling CD’s to the individual banks so that the CD’s can be re-sold to depositors, not extending enough credit so that the individual banks have been limited on the amount of credit they can in turn extend to their depositors, etc.

 

Possible reasons for the CBI doing this to its subsidiary institutions could include: a worldwide cash shortage, ISIS, low oil prices, fears of money laundering, fears of counterfeiting, Sunni-Shiite religious prejudices, and strict monitoring by the IMF under the rules of the SBA.

The CBI has been under continuous, renewable IMF SBA’s since it was chartered in 2004.

 

Whatever the case, with this latest announcement things seem to be looking up for all of the CBI’s subsidiary financial institutions ~ not just Warka.

Hopefully, this will mean that more cash will be available soon and the Iraqi economy can start to flow and we can use Warka’s full services to our benefit.

1

Share this post


Link to post
Share on other sites

The only full service I want to use from Warka Bank is the ability to sell all my ISX stocks an be able to transfer it out of their bank...been with this dog since 2009 an can't wait to be rid of them.....

0

Share this post


Link to post
Share on other sites

DoD

 

I share your frustrations.

 

After I first opened my Warka account and before they initiated the shut-down of services I was able to successfully wire transfer funds back to my home account 4 separate times ~ approximately once per quarter.

Each time became more and more difficult as Warka approached the final shut-down.

The first time went off without a hitch and the funds landed in my account in less than a week after the email request (even though I think it should have taken only 48 hours).

From then, however, it was downhill with the second time taking about 2 weeks, the third about 3 weeks and the fourth time over 1 month until the funds showed up it my account.

I tried a fifth time but after 6 weeks of some of the lamest excuses and dodging I‘ve ever experienced, I gave up.

 

Even still, I hold out hope for Warka to come back to full services because it’s been getting increasingly difficult for an American to open a bank account in a foreign venue. This is especially true after Obama sent the IRS gang abroad to threaten and persecute those banks who would not easily give up a list of their American clients.

 

I’ve had accounts in Japan, Hong Kong and Vanuatu.

I closed the Japanese account with no problem, but the Hong Kong account took some doing even with my Hong Kong resident agent on site. It became very expensive with extra fees, etc. for their representation especially since the account was tied to my foreign corporation.

The Vanuatu account was a credit union supposed to give a fantastic ROI but in the end it simply got “hacked” and I lost it all with no way to recover any compensation.

 

Because of those lessons learned, I was glad to have found Warka which seemed at first to offer the full services I was expecting from an overseas account.

 

If things finally turn around and Warka becomes stable again, I plan to withdraw all but the 30% ROI I’ve gained over the last 6 years while Warka has been on hold.

Then the tentative plan is to keep the CD’s turning over and accessing the interest gained through a pre-paid Master Card about once or twice a year from a local ATM without having to go through the wire transfer drill.

 

Right now, as you said it would be re-assuring to know that I could access the funds at any time.

 

Good luck to us all on this IQD/Warka deal.

1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0

  • Recently Browsing   0 members

    No registered users viewing this page.