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Warka's Trading Status


brob
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Hi all, 

 

LIke some of you I have been trying to trade stocks with Warka with no avail. Also communication with them has sucked to put it mildly, They sold a stock for me about four weeks ago (give or take) and since then I have heard nothing. Then on July 23 I began receiving emails from them responding to my inquiries on an almost daily basis.  They seem to be more forthcoming, which is definately a plus. The following is an email response I received from them yesterday (7-28) in response to my asking when they would be placing orders on the ISX again.  See what you guys make of this, and if any of the more experienced traders could comment I would appreciate all comments. Thanks. Go RV. Go ISX

 

Dear Sir,

 

Please note that Warka Bank will resume trading after holding and finalizing  its general assembly procedures and capital increase.

 

Although no specific date has been set however once Warka stock resumes trading a notice will be posted on our website www.warka-bank.com noting that the minimum buy order is 200000 shares per company per session.

 

 Should you have any furthers questions regarding stocks please contact the ISX department isx@warka-bank-iq.com to be of best assistance.

 

 

Best regards,

 

ISX Department 

Warka Bank for Investment and Finance

 

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They are still in receivership of the CBI and have been for well over a year...maybe close to 2 years.

 

All of their funds are frozen.

 

People can put money into Warka but no one can get any out.

 

Their stock was halted 2 years ago and may never trade again. You cannot buy it or sell it.

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Warka was sabotaged by the CBI. There is legal precident now for the CBI to see that Warka resumes normal business services and ISX trading of it's own stock.Help all of the DV,s coolbeans and provide the current receivership claim you made in your post.This is a very positive e-mail from Warka BROB......IMO

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Warka was sabotaged by the CBI. There is legal precident now for the CBI to see that Warka resumes normal business services and ISX trading of it's own stock.Help all of the DV,s coolbeans and provide the current receivership claim you made in your post.This is a very positive e-mail from Warka BROB......IMO

 

 

Here you go:

 

"Iraq’s central bank has reportedly placed private bankWarka Bank under guardianship to supervise it through insolvency."

http://www.iraq-businessnews.com/2012/03/05/warka-bank-placed-under-guardianship/

 

 

 

Definition of 'Insolvency'

When an individual or organization can no longer meet its financial obligations with its lender or lenders as debts become due. Insolvency can lead to insolvency proceedings, in which legal action will be taken against the insolvent entity, and assets may be liquidated to pay off outstanding debts.

 

http://www.investopedia.com/terms/i/insolvency.asp

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Coolbeans,

Nice job. Now will you play fair with the comments and post the court win that Warka recently had over the CBI? I'm not as tech savy as you are, so I'm sure you can find the article links. Thanks again 

PS; stirring up fear and paranoia is not very nice.

 

brob,

FYI: I placed a buy order this morning for (BBOB) through Warka. I will post the results when it comes through.

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 Take it for what it's worth.

 http://awaniq.com/index.php/en/2013-06-20-22-37-32/1000-2013-07-22-09-21-26

Financial representative for "time": a bankrupt banks are unable to repay the deposits of citizens and granted loans without guarantees of officials


The parliamentary Finance Committee, revealed Monday, the inability of banks Eligibility "Bankrupt" to pay deposits of citizens, accusing the Warka Bank loans without collateral to influential people over the telephone, officials with the Commission on economy and investment demanded representative need to amend certain paragraphs of legal private banks and the Central Bank.

She said the parliamentary Finance Committee member Magda Tamimi told of "time" that the Committee had received many complaints from citizens unable to land as the bankrupt to pay their deposits ", describing it as" dangerous "," party loses the confidence of the citizen in dealing with Iraqi private banks, adversely affecting the country's economy".

She noted that "there are banks, most notably the Warka, loans by phone without guarantees, particularly for influential people in State officials, emphasizing that the" owners of these banks are investing in another country, what yglahm to fraud, because of poor supervision".

Tamimi has revealed that "the Commission intends to host DJTJ Private banks and Central Bank Governor next week To search In the law of private banks" She said, adding that" the Commission has the intention to hold a conference or workshop For the purpose of issuing or amending laws".

She noted that "The Finance Committee deliberated with the Governor of the Central Bank Reality Private banks experiencing problems" She said, adding that "Such practices and such a working environment Represent Bad and serious indicators on economic activity in the country، Because the investor will lose the confidence of the financial deal with banks".

In turn, the The Parliamentary Committee on the economy and investment agreement with the parliamentary Finance Committee, The need to modify certain paragraphs of legal private banks and the Central Bank.

Committee member MPSalman al-Musawi of "time", "some legal clauses Private banks and the Central Bank، Disrupt the economic process in the country".

He noted that "Iraqi banks ranged in their place, and we need to support institutions for the development of the economic process, and this in turn requires large banks and insurance companies".

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Thanks for the posts everyone. I have read all the links. It just doesn't make sense to me if they were in so much trouble then why bother with all the niceties (the returned emails) they could have just continued to ignore us. I guess we will all just have to wait and see. 

 

Unirod, thanks! Let me know if BBOB comes through (I didn't know they were trading again). I have two orders out with them for BIME and BMNS, I will post here when they come through.

 

upnorth, my orders are from the same time frame this is what they told me when I asked them wtf this is from 7/23

 

Dear Sir, 

With regards to your buy order please note that it was submitted but not
executed as no offers were made to sell the requested quantity at market
price.

We will resubmit your order at the coming trading session.


Best regards,

ISX Department

Warka Bank for Investment and Finance

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brob,

I received a response overnight from the Warka ISX dept. They told me that BBOB was not trading so they could not execute my buy order. Their message said to request a buy order for companies that are trading. Please check the ISX web site for companies that are trading.

I did check the trading platform before sending my Buy order to Warka as BBOB was trading as of 29/07/13. So unless they have pulled off in the last 24hrs they should be available to execute a Buy order. This was my response to Warka to re-execute my buy order. I will wait for their further response.

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Unirod,

 

That is very interesting, you are right they are trading. Maybe try again with a cc to Mr. Issa and an attachment from the ISX showing that BBOB is trading. When they told me that they couldn't fill my order I checked and saw that millions of shares had changed hands in the days that I placed my order, I mean its possible that nobody was trading 200k those days, but like in your situation I really don't buy it.  I plan on sending another email tonight to follow up on my trade orders, will keep you posted.

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brob,

Today I logged in and did not see my ISX Trading tab on my account info. So I could not see my equity n

values. I did request 2 days ago to reset my account as my equity values were showing all negatives for the last 8 weeks. I could go to the trading platform and my current values would always show. So I think Warka is still making changes to the E-Bank services site. I have as yet no response for my 2nd request for the (BBOB) buy order.

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I have had funds in Warka for over two years, and have been granted trading status on the ISX using Warka for my broker; however, I have been unable to get ANY response to my buy orders, and to my requests to set up e-banking status.  Does anyone have any procedural directions that you can give me.  Any help will be appreciated.

 

Warka always seems to be able to receive my wire transfers, but not able to respond to my requests for action on those funds.

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I authorized the deduction from my accounts for the e-bank access fees; however, the username and password that they sent me never did work.  Repeated attempts to get this corrected have had no response from Warka.  I can't even find out the balances on my accounts.  Thank you for any help.

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Hi MarthaB,

The best suggestion I can give is to keep trying. Keep sending the same email with a CC to Mr Issa and customer services until you get a reply. Many members here have offered awesome suggestions on communicating with Warka that work well such as emailing them approx 0100-0200hrs EST, and placing your account number on the subject line along with your title. Be patient and be persistent. Good luck

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I think the key to Warka's reply to brob is contained in that first sentence: “holding and finalizing its general assembly procedures and capital increase”.

 

I believe that’s Warka speak code for: “when we’ve finally sold enough assets to become solvent again and the board of directors has decided on some new internal bank rules so that we won’t run out of cash again anytime soon; then we’ll resume servicing (outgoing cash) buy orders on the ISX”.

 

The last time (27 March 2013) that I tried to buy an IQD Certificate of Deposit ~ a request which should have gone through immediately since the money stays in-house and Warka actually makes money from it ~ the Warka staff never even acknowledged my request or my (3) follow up emails (up until May 4th).

So, this recent reply to a stock purchase request seems like a more positive sign.

I just wish the staff at Warka would be more consistent with their responses to emails.

 

Anyway, it looks like Warka is still working on increasing their capital and getting straightened out enough to be able act like a normal bank.

At the very least, after over 2 years of difficulty in meeting outgoing USD wire transfer requests ~ including a solid 17 months of actual insolvency under CBI guardianship ~ it looks like Warka is still hanging in there and is not going to go under and take our deposits with it. God Almighty, but it’s getting very difficult to be patient with them!!

 

By the way, if you think banking with Warka is scary, you might want to read this article with regard to your own US bank accounts:

 

Could the Banksters Grab Your Bank Deposits?

http://jonathanturley.org/2013/03/31/could-the-banksters-grab-your-bank-deposits/    

 

The above article explains that most of us do not realize that when we deposit money in a bank, it becomes the property of the bank and we become unsecured creditors of the bank!

Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay.

Even though the current USD fiat currency is nothing more than IOU’s or promises to pay notes from the Federal Reserve Bank, at least you can still pay your mortgage with them. Of course, the same is true of the Canadian dollar, the British pound, the Australian dollar and the Euro ~ just to name a few.

As everyone knows by now over 100 banks a year have failed across the USA since the Barry Bailout scheme went into effect in 2008.

If your local bank failed and went into bankruptcy and you as an “unsecured creditor” got only bank stocks as compensation, could you pay for goods and services with a failed bank’s stock certificates? I doubt it.

 

Here’s hoping that Warka Bank takes a different view of depositors and that Islamic law requiring 100% honesty in financial and banking matters has influenced the legalities enough in Iraq to put depositors like us in priority positions of payback instead of the other way round; especially if Warka should ever actually fail.

As it stands now, it looks like we have a better chance of recovering our money from Warka than from our home banks ~ should either one ever actually fail.

The interest earned is certainly better.

 

Here is a link to another article similar to the one above:

 

Think your bank deposits will always be 100% guaranteed by the FDIC? Think again.

http://americablog.com/2013/04/fdic-uk-nz-deposit-confiscation.html

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brob,

I received a response overnight from the Warka ISX dept. They told me that BBOB was not trading so they could not execute my buy order. Their message said to request a buy order for companies that are trading. Please check the ISX web site for companies that are trading.

I did check the trading platform before sending my Buy order to Warka as BBOB was trading as of 29/07/13. So unless they have pulled off in the last 24hrs they should be available to execute a Buy order. This was my response to Warka to re-execute my buy order. I will wait for their further response.

Warka responded 05/08/2013 and told me to re-submit an updated Buy Order for (BBOB). Now I wait to see how it goes.

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Warka responded 05/08/2013 and told me to re-submit an updated Buy Order for (BBOB). Now I wait to see how it goes.

 

 

unirod,

 

Awesome news, Im glad to hear that. I emailed them just now 06/08/2013 with a follow up to my previous orders and submitted two new buy orders. Will let you know how it goes. Be well.

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I have been unable to get any response from Warka in weeks.  I cannot view my accounts nor get confirmation of isx trades.  Any suggestions from anyone>

Are your internet fees paid up?

unirod,

 

Awesome news, Im glad to hear that. I emailed them just now 06/08/2013 with a follow up to my previous orders and submitted two new buy orders. Will let you know how it goes. Be well.

I received an executed stock purchase Sunday Aug 4th from Warka ISX.  Three different stocks. I send my orders in on Sundays and Tuesday whether on not I know they have been executed. I treat the orders as if they have not been executed. ISX is closed from Aug 8th to Aug 11th. I sent an order in today for Tuesday Aug 13th. Also, I will put the current stock price but I add "or @ Market Price. I don't know if it will help you but my order finally went through.

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One4dinar, 

 

Thanks, I have heard nothing since I sent that last email, but then the holiday came around.  I was contemplating sending the order again and again until they filled it, but I was worried they might think I was placing multiple orders for the same stock (I have little faith with them). Going to try it your way. Thanks again for posting.

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I received email confirmation today for all 4 of my stock orders. Warka's ISX dept states they will fill all orders on the 15th. I emailed them on Sunday and then again on Tuesday, One4dinars method worked like champ. Thanks again for all of the input.

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  • 3 months later...

2nd month in a row, multiple requests to warka, in total they have not purchased more than 1 thousand dollars worth of stock. I am very clear with them and even make it easy for the math in my subject and email and followups ie :

 

Hello
 ISX Department 
and 
Mr Issa
 
Please find the attached 
4 individual stock requests
, to summarize,
 
Order 2
,
 BKUI
,  
Kurdistan Int. Bank
1,000,000
 Shares,approx. 
2,210,000 IQD
 @             
approx. 2.21 IQD
 per share
 
Order 3, BMNS, Al-Mansour Bank, 
1,000,000
 Shares, approx. 
1,670,000 IQD
 @             
approx.   1.67 IQD
 per share
 
Order 4, BBOB, Bank of Bhagdad, 
1,000,000
 Shares, Approx. 
1,690,000 IQD
 @             
Approx.   1.69 IQD
 per share
 
Order 5, BROI, Credit Bank of Iraq, 
1,000,000
 shares, Approx. 
2,650,000 IQD
 @          
Approx.    2.65 IQD
 per share
 
4 Orders Total
 = 
Approximately 4,000,000 Shares
 at Approx.
 8,220,000 IQD
 plus 
1%
 
Commission
 
to Warka approx.( 82,000 IQD).
 
So after this they put in my stock request and make a purchase....3 orders purchased 200K order 3,4,5. Total dinar 1.1mil.     WOW at this rate 1 mil a month to get into the isx before mid of next year What a joke. at least im getting something outa them i guess. 
 
I LOVE al karmal. 9K with them already in market.. 15 k with warka...hopefully we all get it out.    IF ANYONE IS IN ALBERTA CANADA I would like to make contact with another investor please let me know.

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2nd month in a row, multiple requests to warka, in total they have not purchased more than 1 thousand dollars worth of stock. I am very clear with them and even make it easy for the math in my subject and email and followups ie :

 

Hello ISX Department and Mr Issa

 

Please find the attached 4 individual stock requests, to summarize,

 

Order 2, BKUI,  Kurdistan Int. Bank1,000,000 Shares,approx. 2,210,000 IQD @             approx. 2.21 IQD per share

 

Order 3, BMNS, Al-Mansour Bank, 1,000,000 Shares, approx. 1,670,000 IQD @             approx.   1.67 IQD per share

 

Order 4, BBOB, Bank of Bhagdad, 1,000,000 Shares, Approx. 1,690,000 IQD @             Approx.   1.69 IQD per share

 

Order 5, BROI, Credit Bank of Iraq, 1,000,000 shares, Approx. 2,650,000 IQD @          Approx.    2.65 IQD per share

 

4 Orders Total = Approximately 4,000,000 Shares at Approx. 8,220,000 IQD plus 1%

 

Commission to Warka approx.( 82,000 IQD).

 

So after this they put in my stock request and make a purchase....3 orders purchased 200K order 3,4,5. Total dinar 1.1mil.     WOW at this rate 1 mil a month to get into the isx before mid of next year What a joke. at least im getting something outa them i guess. 

 

I LOVE al karmal. 9K with them already in market.. 15 k with warka...hopefully we all get it out.    IF ANYONE IS IN ALBERTA CANADA I would like to make contact with another investor please let me know.

Sorry to hear about your plight! I pray that you will make up the difference by leaps and bounds with your new brokerage.

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