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Warka Internet Banking System

mqchau

By mqchau,
in Warka and Iraqi Banking

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TAV Newbie

TAV

Posted
Posted (edited)

I've posted this before and got bad feedback:

Warka Bank is now "Warka Bank for Investment & Finance". They are no longer a consumer bank.

http://www.warka-bank.com/

Some not so good history:

Al-warka Bank is busted, forced out of business. Al-warka Bank renamed under an austerity of an investments & finance company. Al-warka Banks assets where seized for over a year now about the Sept 2010 time frame. Al-warka Bank was under investigation with a few other banks and force into insolvency.

BELOW IS A POST FROM A WEBSITE:

Winston Churchill once likened observing Soviet politics to “watching two dogs fighting under a carpet.” All you can say for sure is that something’s going on.

The latest news on Warka Bank has exactly this ‘subcarpet’ quality. The ISC has ordered Warka’s brokerage subsidiary to stop its operations in the market effective July 26 following the seizure of the bank’s equity in this company by the Ministry of Trade. (See the pdf file at the bottom of this link for the Arabic version of the announcement.)

The Ministry is also seizing shares held by the bank in nine other companies. Appended to the ISC’s announcement is a letter from the Ministry’s Office of Companies Registration to the Diyala Public Company for Electrical Industries dated July 11. This provides the following list:

1.) Al-Asyl for Horse Breeding and Marketing LLC / number of shares (1,020,000).

2.) Al-Iraqiyah for Bank Guarantees LLC / number of shares (400,000,000).

3.) Afaq al-Ghad for Trading Agencies and General Trade LLC / number of shares (200,000).

4.) Al-Mas for Security and General Protective Services LLC / number of shares (200,000).

5.) Al-Mas for Real Estate Investments LLC / number of shares (135,000,000).

6.) Warka Company for Mediation in Trading Securities LLC / number of shares (980,000,000).

7.) Dallat al-Jazeerah for General Transportation LLC / number of shares (680,000).

8.) Al-Ufuq al-’Alamiyah for General Trading LLC / number of shares (1,340,000).

9.) Al-Mass for Recording of the Holy Book Verses LLC / number of shares (60,000,000).

10.) Al-Mas for Real Estate Investments LLC / number of shares (135,000,000)

Note that none of these are ISX listed companies. (6) is the brokerage.

Apparently, there must be a dispute between the bank and the Company for Electrical Industries to whom the Ministry’s letter is addressed. But there’s no way to tell what this dispute might be, why these ten names were selected, how they will be disposed of, or when the brokerage will be allowed to resume its operations.

It would be nice if someone could pull back the carpet and let us see what this fight is about.

http://www.iraq-businessnews.com/2011/08/10/warka-assets-seized-in-%E2%80%98subcarpet%E2%80%99-fight/

Edited by TAV
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TAV Newbie

TAV

Posted
Posted (edited)

Stop sending money to Warka and stop sending money to the ISX, neither has your interest first right now. This was an argument of many people dating back since the beginning of this investment. Many argued cash is king, others thought putting their money in warka bank and the isx was king. Today warka bank is no longer a consumer bank and the isx still opens for a couple hours a day with about 100 companies trading verses 10's of thousand on the U.S. stock exchange As of today, no one has received any returns out of iraq, some can argue that they bought dinars when the rates where 1600:1 and cashed out today thus making 2 or 3 hundred dollars more per million.

Edited by TAV
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matthew6:19-21 Newbie

matthew6:19-21

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Stop sending money to Warka and stop sending money to the ISX, neither has your interest first right now. This was an argument of many people dating back since the beginning of this investment. Many argued cash is king, others thought putting their money in warka bank and the isx was king. Today warka bank is no longer a consumer bank and the isx still opens for a couple hours a day with about 100 companies trading verses 10's of thousand on the U.S. stock exchange As of today, no one has received any returns out of iraq, some can argue that they bought dinars when the rates where 1600:1 and cashed out today thus making 2 or 3 hundred dollars more per million.

Um, everyone that had a warka account at the end of last year received a return from Iraq it was called 7% interest on the amount in your IQD account. No people haven't had big enormous returns from the ISX yet but it is coming if they can keep it together over there. No investment is without risk. THIS IS AN INVESTMENT NOT A GET RICH QUICK SCHEME IT SHOULD BE TREATED AS SUCH. Besides that if you wanted to risk 100k USD in warka and let it sit a year and take the risk that is 7k in earnings from interest in one year. There isn't no other bank in any other country on the planet offering that.

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Goldiegirl Newbie

Goldiegirl

Posted
Posted

ok I have quick question for you guys...i just logged into my account at Warka and saw nothing...my accounts aren't there anymore. Anyone else having this issue?

It doesn't even list the account numbers or balances at all.

Thanks,

MC

I'm sure there is a good reason. I'm not going to assume anything. Perhaps that it's their weekend now systems are changing and they don't do things like we do here in the West.

I don't know why, but I just don't feel there is anything sneaky going on.

Lets see how things go by Monday now that they are off for the weekend.

Goldiegirl

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DinarBot Newbie

DinarBot

Posted
Posted

Warka was being de-listed on Feb. 17 2012. If non-compliant. Only info we have right now. Looking in to this. We have ISX trading number but no one getting back to us regarding our Shares or Warka. The Beat Goes On. Fri. Sat. Generally Closed. Not a Huge Loss. But No Human Likes to Lose. Stay Tuned.

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DinarBot Newbie

DinarBot

Posted
Posted

ok I have quick question for you guys...i just logged into my account at Warka and saw nothing...my accounts aren't there anymore. Anyone else having this issue?

It doesn't even list the account numbers or balances at all.

Thanks,

MC

Several Humans reporting same Issue. MT Bank Accounts / Missing Wires. Where's Waldo. Never Mind. Where's Warka. And Stories Like this coming out. Below. Not From Us. Just a heads Up. Nothing Confirmed Yet.

****

I think that Warka is having problems that could end up being a death knell. A personal friend of mine, now in Dubai, has been trying to wire transfer funds from Warka to two different banks, a total of three times ($10K per time). Each time the funds were deducted from his account but none ever reached one of his bank accounts, one in the U.S. and one in Dubai. None of his emails have made it, all were returned as undeliverable. He has tried to contact Mr. I to no avail. All of the phone numbers at Warka are either out of service or just ring and ring. My friend's balance at Warka is significant and he is very worried. I too have accounts (USD and IQD) at Warka and received my interest on the funds deposited in my two accounts in late December but it you cannot access it, then it is worthless.

I have not seen anything on the Web about a permanent failure of Warka, though I have been searching for several days. The only report I have seen lately about Dinar is from a person who calls himself Simon Black (not his real name), below is a link that may work. My friend met with him and "Mr. Black" stated that he thought Warka Bank was pretty much down the tubes. http://www.businessinsider.com/author/simon-black

No other links at this time.

OldVFW

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mqchau Newbie

mqchau

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Damn this really sucks balls.

I'm just wondering how come no one else besides the few of us in here have notice this problem. Is everyone just going to wait till the weekend ends and see?

Then again...what else could we really do right if it went down hill...

:(

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DinarBot Newbie

DinarBot

Posted
Posted

Damn this really sucks balls.

I'm just wondering how come no one else besides the few of us in here have notice this problem. Is everyone just going to wait till the weekend ends and see?

Then again...what else could we really do right if it went down hill...

:(

Any Human Here really Surprised. Warka was always 50/50 Chance. VIA General Consensus in Forums. Rule of thumb for many Humans was 60% "Cash In Hand" - (See it /touch it - Not Bogus Reserve Funds etc). 30% ISX. 10% On Deposit with Warka/Bank. Some Humans that strayed are now paying the Price. Sorry for your Loss. DinarBot Team lost too but Manageable. Could still be a Chance. Camels Crossed.

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Polecat85 Newbie

Polecat85

Posted
Posted

Um, everyone that had a warka account at the end of last year received a return from Iraq it was called 7% interest on the amount in your IQD account. No people haven't had big enormous returns from the ISX yet but it is coming if they can keep it together over there. No investment is without risk. THIS IS AN INVESTMENT NOT A GET RICH QUICK SCHEME IT SHOULD BE TREATED AS SUCH. Besides that if you wanted to risk 100k USD in warka and let it sit a year and take the risk that is 7k in earnings from interest in one year. There isn't no other bank in any other country on the planet offering that.

Unless that 7% makes it to the hands of the investor, then it really isn't a return, Just because it shows it electronically, doesn't mean it is real.

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Goldiegirl Newbie

Goldiegirl

Posted
Posted

Several Humans reporting same Issue. MT Bank Accounts / Missing Wires. Where's Waldo. Never Mind. Where's Warka. And Stories Like this coming out. Below. Not From Us. Just a heads Up. Nothing Confirmed Yet.

****

I think that Warka is having problems that could end up being a death knell. A personal friend of mine, now in Dubai, has been trying to wire transfer funds from Warka to two different banks, a total of three times ($10K per time). Each time the funds were deducted from his account but none ever reached one of his bank accounts, one in the U.S. and one in Dubai. None of his emails have made it, all were returned as undeliverable. He has tried to contact Mr. I to no avail. All of the phone numbers at Warka are either out of service or just ring and ring. My friend's balance at Warka is significant and he is very worried. I too have accounts (USD and IQD) at Warka and received my interest on the funds deposited in my two accounts in late December but it you cannot access it, then it is worthless.

I have not seen anything on the Web about a permanent failure of Warka, though I have been searching for several days. The only report I have seen lately about Dinar is from a person who calls himself Simon Black (not his real name), below is a link that may work. My friend met with him and "Mr. Black" stated that he thought Warka Bank was pretty much down the tubes. http://www.businessinsider.com/author/simon-black

No other links at this time.

OldVFW

Well that's not happy message for a Friday Bot... :(

Let's just breathe and see what happens. :unsure:

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