Collapse of the Warka Bank

[rdm5130]

20 million dinar: Do you have any current real info on Warka? Even Adam has held off until he has "real" information....don't you think real information and not old news would be most beneficial in these potentially unsettling times for so many investors, in this very speculative investment?

[Frank61]

Everyone REALLY needs to calm down on this topic. Warka is owned by the Al Bonia family who have vast holdings and are considered to be the wealthiest family in the Middle East. If they were in trouble it would be on CNN no doubt. Warka has been under attack from time to time routinely for 3 years. If you really look at them and follow their progress in the last few years you will see a lot of consistent progress. Can Adam Montana guarantee this to you ? No. Is he worried as an investor ? No. Do I value his opinion and is he consistent ? Yes. No investment is safe, no matter where it is or who it is with. It seems that the folks who are bashing Warka are not even invested. Why ? Because they dont have the guts or the abiity to learn about Iraq. I went to Iraq 4 years ago as a contractor for the US govt to be an electrical inspector on FOB Falcon in Baghdad. I did well and it was a life changing experience. Did I have a gaurantee ? No. Just writing this to protect our members against negative vibes put out by people who dont have what it takes to get it done. Thank god for people like Adam who work so hard and put t ALL on the line.

Frank

[rdm5130]

Thanks Frank. Always great to hear from someone that's actually been there.

[20MillionDinar]

20 million dinar: Do you have any current real info on Warka? Even Adam has held off until he has "real" information....don't you think real information and not old news would be most beneficial in these potentially unsettling times for so many investors, in this very speculative investment?

What do you mean "real info" and what exactly do you mean by "old news" exactly? What I posted was not negative in any way, shape or form. It was simply stating that Citibank is a correspondent bank to Warka. Meaning, they process payment to and from Warka on behalf of Warka. Nothing false about that...

I also stated that Warka funds are not FDIC insured, as the member Alexyn asked that question. But anybody who has an account at Warka should already know that as the finance company (Warka) is outside of the USA.

[Alexyn1006]

I have stashed dinar in my freezer. in my golf bag. buried some in coffee cans. in gun totes. I have dinar stashed everywhere. My friends told me I was crazy I needed to take all that dinar and open a warka account where it will be safe. hahahahaha

Iraq safe????? hmmmmmmm

Investment currency/foreign typically is not covered under any insurance policy (I'm a former underwriter) for replacement, for any reason. There are more than the two extremes for storing your IQD (Warka or a golf bag). Of course you may know of an insurance company that will cover it should it end up lost somewhere at the bottom of golf course pond. If there's such an insurance agent, I'd like to meet him please.

[lomeygoat]

Maybe some people did get arrested and its sorted out now. Bad apples out sort of thing.

[Alexyn1006]

Thanks 20Million for your insights and help.

[Shick]

Look at the continues meetings the leaders have and they bicker to no end and there are bombings, there have been bombings since we invaded, how can you trust your money to any country that's struggling is beyond me, I'm willing to wager that the Iraqi people are leery. Peace! In the Middle East.

[Alexyn1006]

Yes, this is an older article, however as I cannot find the original article that started this thread, currently posted on the website linked to that article; I think it's best be watchful but not paranoid about Warka. Please note the last paragraph where where it states, “We are pleased to announce this winning partnership. Bank of Baghdad is a fast growing member of Burgan Bank Group and has successfully placed itself as one of the major players in Iraq. This partnership will indeed add value to both Bank of Baghdad’s and Citi’s clients as well as to Burgan Bank Group clients.” Warka is a client of Citi.

Sunday, May 29 2011

Citi, Bank of Baghdad strategic partnership in Iraq

The client offer encompasses account services, domestic and international payments and collections, liquidity management and electronic banking solutions, backed by a comprehensive customer service and streamlined documentation processes.

The partnership leverages Citi’s state-of-the-art global cash management platform, as well as Bank of Baghdad’s franchise and extensive branch network. The partnership also gives Bank of Baghdad, a subsidiary of Kuwait’s Burgan Bank, access to Citi’s global network across more than 107 countries for cash management solutions and other banking services.

Steve Donovan, Head of Global Transaction Services, Middle East & Pakistan at Citi, said, “We are delighted to announce this partnership with Bank of Baghdad which is in line with our commitment to Iraq as well as our strategy to bring the right capabilities to our clients through our own global network or through partnerships with prime local banks. This alliance certainly creates a win-win situation for our mutual client base.”

Dr. Younes Brouche, Executive Vice Chairman at Bank of Baghdad said, “Bank of Baghdad has had a long standing and successful relationship with Citi. It brings together our bank’s extensive network in Iraq, our product suite and service excellence with the global reach of Citi. We look forward to working with Citi to provide valued clients with bespoke solutions to help them with their operations in Iraq.”

Eduardo Eguren, Chief Executive Officer at Burgan Bank Group, said, “We are pleased to announce this winning partnership. Bank of Baghdad is a fast growing member of Burgan Bank Group and has successfully placed itself as one of the major players in Iraq. This partnership will indeed add value to both Bank of Baghdad’s and Citi’s clients as well as to Burgan Bank Group clients.”

http://cpifinancial.net/v2/News.aspx?v=1&aid=8119&sec=Commercial%20Banking

[AK47]

I have heard it all since I started my Warka account two years ago...I have not had any problems, do not expect to have any problems, and I thought that Charter Bank of England partnered with Warka? Maybe I am wrong...but not real qworried, I am with GGirl don't dispair until its there!