sourpuss

Opening Warka Acct & Should I put in Warka or Invest in ISX?

23 posts in this topic

Today, I have approx $1300 that i can afford and feel comfortable putting at risk.

1) should I add to my warka electronic funds or should I buy shares on ISX..which would benefit me the most?

2) exactly how will my shares increase in USD..im still a little confused on how my ISX shares are going to help me profit, can anyone give more detailed info on this?

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sourpuss -

1. It sounds like you already have a Warka account, correct? If so, are you investing in the ISX thru your Warka account? Assuming yes on both of these, add the funds to your Warka account AND invest in the ISX thru Warka - you're doing both this way.

2. When investing in the ISX, you're buying shares of stock in an Iraqi company. When the value of the stock of the company you've investing in rises (hopefully with an RV, but also with the economy of Iraq growing), your portfolio value increases. The value of your shares in this Iraqi company is in dinar. When you sell the stock, and convert it back over to USD, then you'll be able to withdraw the US $'s from your account, if you so choose. Does this make sense? Not knowing what kind of experience you have in investing in any market (even here in US?), it's hard to know exactly how to explain this. Let me know if I've helped - or confused you more.

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Hello paperboy do u know if there is a easy way to open a warka account and buy into isx. could never figure out from adams writing on this how to do easy. Any help would really help thanks

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sourpuss -

1. It sounds like you already have a Warka account, correct? If so, are you investing in the ISX thru your Warka account? Assuming yes on both of these, add the funds to your Warka account AND invest in the ISX thru Warka - you're doing both this way.

2. When investing in the ISX, you're buying shares of stock in an Iraqi company. When the value of the stock of the company you've investing in rises (hopefully with an RV, but also with the economy of Iraq growing), your portfolio value increases. The value of your shares in this Iraqi company is in dinar. When you sell the stock, and convert it back over to USD, then you'll be able to withdraw the US $'s from your account, if you so choose. Does this make sense? Not knowing what kind of experience you have in investing in any market (even here in US?), it's hard to know exactly how to explain this. Let me know if I've helped - or confused you more.

Thanks paperboy, yes I have Warka but don't use them for my brokerage company (tooo slooowww) so I use Al-Jazera and Lol I have NO EXPERIENCE whatsoever so Im learning. So you would suggest I would buy more on the ISX instead of leaving iqd in warka savings?

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Hello paperboy do u know if there is a easy way to open a warka account and buy into isx. could never figure out from adams writing on this how to do easy. Any help would really help thanks

would like to know this answer also , i would like to set one up but i read that a lot of people are confused

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sourpuss - I understand your question now, but really can't give you a specific answer. Everyone's risk level is different and which investment is best for you may not be what's best for someone else. Warka is a savings account & you're letting your money sit there & earn interest. Investing in the various companies available in the ISX - who knows where their market is going. So that is definitely a personal decision. If you have funds that you are willing to leave on the table (risk involved in anything we do here), then I'd jump in to either or maybe both. I'm very pro-Iraqi dinar and ISX. But that doesn't necessarily mean it's right now you. Hope that helps. Also I'm going to edit the subject of this topic to reflect jimmycat's & reveldog's request to make it easier to find later. Hope that's ok.

Jimmycat & reveldog, just to let you know up front, the word easy and Warka is an oxymoron. They don't always go together. However, to me it's worth the effort. I'll try to help out as best I can. In my experience, applying for a Warka account is best done just with an email requesting that they open you two accounts, a USD account & an IQD account. If you have a passport, scan your passport in color & save to your computer. If you don't have a passport, I've heard than your state DL works just as well. Type up the following letter, sign it & scan to your computer. Sample is below - this gives them permission to withdraw from your USD account & exchange it into IQD. Once you get both of these items scan & saved to your computer, send your email request to c.accounts@warka-bank-iq.com and attach both of the documents to your email. Send a copy of your email to Mr. Mohammad K Issa at ifrd@warka-bank-iq.com so that both the new accounts dept and Mr. Issa have your request. Don't send it on a Friday or Saturday (they are closed - that is their weekend), and I believe they are currently closed for holidays and will be re-opened on Nov. 20th. So I'd wait & send your request after then.

Here's the authorization letter (and I'm pretty sure Adam has it available in the Warka section of the forums:

I, ____________________ authorize Warka Investment Bank to withdraw from my USD Savings Account at Warka Investment Bank and exchange the US Dollars into Iraqi Dinars according to the price fixed by the Central Bank of Iraq at that day, and then deposit those funds into my IQD Savings Account at Warka Investment Bank.

Party in full agreement, signed below.

Name: ________________________________________

Address: _______________________________________

City/State/Zip/Country: ___________________________

Email Address: _________________________________

Signed: ______________________ Date: __________________

Printed Name: _______________________

When they receive your email, they should open your accounts, reply to you by email with your two account numbers (USD & IQD). At that point, you are ready to fund your USD account. It took less than a week for me to hear back from them, but that was months ago. I'm not sure what their current timeframe is for opening new accounts. After about 2 weeks, if you haven't heard anything, I would send a following email to both email addresses asking for the status on your request. But always be polite, courteous & patient. I hope this helps you get started. Once your acct is open, yell back & we'll address the ISX approval for your account.

PS - Warka does have an "online application" that you can use to open your accounts, but it seems like that avenue is slower than just a direct email request.

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Paperboy, I do have warka account and I do have shares in ISX..I just want to put my last bit of money in the one that is going to be the most profitable and not sure which way that is. Thanks bunches, sourpuss

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So, if I transfer my Warka Dinar to USD, does that create a taxable event at that moment? I'm sure that either Warka reports to IRS, OR transactions are discoverable by IRS. Want to do the right thing, of course.

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Is this the most current address to send documents for opening a Warka account:

Warka Bank for Investment and Finance

Main Branch-Baghdad Iraq

International Foreign Relations Department

Watheq Square-Salman Faiq St.

Hay Alwihda-Sec.902-14th St.

Baghdad,Iraq

paperboy,

In a post you noted that you didn't put "ISX Dep't." does this need to be added to this address ,and if so were do I insert it?

Thanks for All Your Help DV Family!!

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Hello paperboy do u know if there is a easy way to open a warka account and buy into isx. could never figure out from adams writing on this how to do easy. Any help would really help thanks

Check out the warka thread. Myself and others have posted tons of good information. You just need to read through it.

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jimmycat - Goldiegirl is correct, read everything you can - lots of good info on Warka. And once you understand it, following Adam's instructions step by step work great.

grelsin - Yes that's the correct address. But if you're sending your ISX (AACOC documents) to Warka, it wouldn't hurt to add that to the address line. Probably anywhere above the Watheq Square line. I've never seen anyone else post that they needed that info in the address line, but apparently Murphy's Law kicked in when I Fedex'd my package. It floated around for a week or more with Fedex trying to deliver it. When that got added to the address, Warka accepted it, no problems. (Duh!)

With that said, there's also some posting in this forum about scanning & emailing the documents to Warka. You might look for that thread & check it out. Don't remember who posted it, but it sure sounded easier (and cheaper) than Fedex'g to Iraq.

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Thanks paperboy! I appreciate your response to this matter . I also enjoy reading your replies to others. You are a great asset to this team.Thanks again for sharing!

PS. I once was a paper boy a long long time ago.

Take Care, grelsin

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Okay, I need some help.

In Adam's first link it's a Warka E-Banking Application for the account. Here's my question, it ask for Account No, Branch Name, and P.O Box-zip, what information needs to go in that field?

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TomRiddle - I haven't dealt with opening an acct at Warka in quite a while now, but last year, using their online banking application didn't seem to go thrrough. Alot of people were having problems with it. If you go to their website, there's an application that you can fill out, scan and email to them. That seemed to be working much better - at least back then. With the bank now being in receivership, I'm not sure what the best way to go about this is currently. They've always been really slow, but it seems like now, it's triple, maybe quadruble slow. So it may take three, four or five times of submitting your information before you get any response. But check out that other application. As far as the info that goes on there, use your personal name & address, don't intermingle your offshore corp with this transaction. You may already be aware of that, but just wanted to toss that out. Good luck with this.

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TomRiddle - I haven't dealt with opening an acct at Warka in quite a while now, but last year, using their online banking application didn't seem to go thrrough. Alot of people were having problems with it. If you go to their website, there's an application that you can fill out, scan and email to them. That seemed to be working much better - at least back then. With the bank now being in receivership, I'm not sure what the best way to go about this is currently. They've always been really slow, but it seems like now, it's triple, maybe quadruble slow. So it may take three, four or five times of submitting your information before you get any response. But check out that other application. As far as the info that goes on there, use your personal name & address, don't intermingle your offshore corp with this transaction. You may already be aware of that, but just wanted to toss that out. Good luck with this.

Thanks for the FYI, and the quick response.

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Thanks for the FYI, and the quick response.

So, Warka is in receivership? Any chance that we'll get our invested money out of the accounts? Is anyone following this?

TomRiddle - I haven't dealt with opening an acct at Warka in quite a while now, but last year, using their online banking application didn't seem to go thrrough. Alot of people were having problems with it. If you go to their website, there's an application that you can fill out, scan and email to them. That seemed to be working much better - at least back then. With the bank now being in receivership, I'm not sure what the best way to go about this is currently. They've always been really slow, but it seems like now, it's triple, maybe quadruble slow. So it may take three, four or five times of submitting your information before you get any response. But check out that other application. As far as the info that goes on there, use your personal name & address, don't intermingle your offshore corp with this transaction. You may already be aware of that, but just wanted to toss that out. Good luck with this.

Yikes, why would we want to open a Warka then, if they are in receivership?

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Yes, they are in receivership. They were taken over by the CBI. I haven't heard any recent news about their situation. Here's a link to the Warka Banking section in the main DV forums. In the past, there's been alot of discussion about Warka, the receivership, etc. Also, in the VIP area, there's several topics you may want to read. http://dinarvets.com/forums/index.php?/forum/38-warka-and-iraqi-banking/

There's still people jumping in, opening accounts and taking the risk. Personally, I don't see alot of change since CBI took them over. They were extremely slow before and still that way.

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Yes, they are in receivership. They were taken over by the CBI. I haven't heard any recent news about their situation. Here's a link to the Warka Banking section in the main DV forums. In the past, there's been alot of discussion about Warka, the receivership, etc. Also, in the VIP area, there's several topics you may want to read. http://dinarvets.com...-iraqi-banking/

There's still people jumping in, opening accounts and taking the risk. Personally, I don't see alot of change since CBI took them over. They were extremely slow before and still that way.

Thanks, paperboy! That's comforting, at least, that CBI took them over. I probably should have come back here and followed up more often...

I was warned by a broker not to deposit into Warka, and he may have been correct.

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phxvalleygirl - I'm invested in Warka account and a few stocks on their ISX. I'm not really that concerned - at least yet. Still looking at all of this as long term, and hopefully when the RV hits, things will be a little more upbeat & positive with the Warka situation. So don't give up yet - just sit tight and let's see what happens in the long run.

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Update: I just got my reply email:

Please advise your bank to direct your USD wire transfer to our corresponding bank in Germany Commerzbank below are the complete wire transfer instructions:

Warka Bank for Investment and Finance USD Account Number at Commerzbank : 400875402000

Account Name at Commerzbank: Warka Bank for Investment & Finance

Corresponding Bank Name: Commerzbank AG Frankfurt Germany

BIC - Swift Address: COBADEFFXXX

I was trying to use Xoom, if anyone has had any luck, or is it just best I go to my Bank and have them do the work.

This info is different from what's on Adam's Guide, any advise?

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TomRiddle - I think I would use the most recent wiring info that they sent you. Sometimes, they'll change their wiring instructions, so that info may be the most accurate at this point in time. Xoom - clueless about it.

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Just my opinion but I would go with Al Jazeera, no dought the ISX will explored giving the right stock is pick but your at the beginning its hard to loose.

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