Al Karmal Brokerage

[rightsonword]

rightsonword,

 

There are now some new wire instructions from our Broker. Kind of interesting!

 

Yup. Al-Jazera sent me the new information. We tried this morning to wire money using all three intermediary banks Al-Jazera gave me, but my bank (Sun Trust) uses HSBC as an intermediary, which apparently do not wire to Iraq. You would think they would know this, especially since the nice staff member helping me this morning called the office in charge of international wire transfers. After 2 hrs, they finally told me they had a policy to not wire to Iraq with no option to use a different intermediary like Jordan, Germany, etc.

I did get my wire fees refunded, which was awesome.   But, I'll simply go back to using Chase bank instead of Sun Trust.

 

My bank always panics when I want to wire fund. They are so not use to wire funds out of country.....

Oh, I know! I get a chuckle out of it.

[moneysoon]

My bank always panics when I want to wire fund. They are so not use to wire funds out of country.....

 

 

My bank makes me feel like I am doing something illegal like laundering. They ask if I want to list "optional" details about the purpose of my wire? I had a good one for them but deleted it since it had to go to the Fed prior to dispersal across the sea.

Edited January 13, 2014 by moneysoon

[aitshioud]

sounds like the same kinda crap i had to go through. wire's are finicky things you really gotta know what the route is and communicate that properly. double check all numbers and do not sign until you are sure they are all right. the fastest wire to al karmal took one week. expect 2 weeks-4 weeks for them to receive. the are really good and send a statement to your email when they receive. good luck "Moneysoon" in funding.

[RedTailedHawk]

Aitshioud,
So did your intention to purchase stocks on the ISX finally work out? I followed the trail but am not 100% clear. Does Al Karmal Brokerage really have no minimum? Can you recommend them so far?

Would you mind posting the details for those of us who'd like to get this started? Email whom... with what info...?

Grateful for your help, at your convenience...

[RedTailedHawk]

Aitshioud,

Sorry to bug you with above questions. I just checked Al Karmal's website and they lay out the application proccess very clearly.

 

That said, there is no mention of minimums for investment, so if you know the answer to this, I'd appreciate it. And, if you can continue to recommend them?

Kind regards,

[Nadita]

Ditto

 

have you tried to withdraw money that you make...? 

 

I think you can use western union  or money gram to wire the money to Iraq.?

 

Question about getting the passport certificed.? 

 

Gonna call Iraq consulate general on Monday regarding this.. 

[aitshioud]

I have had great experience with al karmal, they purchased stock in a timely manor, they send market reports as well as account statements and have always returned emails within 24/48 hrs(business days).

What I recently noticed was that, they were also hugely helpful in obtaining information for sangsar capital managements banking report as well.

If you have any questions send wassim an email, or the other fella.

I haven't tried pulling any out yet because it's a longer term play for me and I don't need the money or profit. My full time oilfield job pays me enough.

If I do though, I will definetly post.

Passport cert has to be witnessed by a lawyer or something and also by the Iraqi consulate. Last time I created an account with them I just sent them a PDF copy of the scanned docs and they had me a trading number in like 3 days.

When warka get there stuff together, having warka buy you stock on the isx and then transferring the stock to al karmal, is the most viable OUT procedure at this time I'm aware of.

Warka money cannot be transferred in country to al karmal (I asked) this may change at some point hopefully.

Double check all your numbers if your wiring them, get a teller that really knows wire's. Good luck.

[aitshioud]

Aitshioud,

Sorry to bug you with above questions. I just checked Al Karmal's website and they lay out the application proccess very clearly.

 

That said, there is no mention of minimums for investment, so if you know the answer to this, I'd appreciate it. And, if you can continue to recommend them?

Kind regards,

The form needs

Your address, name, date, phone number, email, passport, I'd, triplicate signature, verification of your likeness etc by lawyer with their stamp. (Cost me about 75 bucks), then send that to get authentic by embassy an all that (150$ maybe?)

Plus wire cost I personally don't bother to wire less than 1k usually 2k usd. I imagine you could send less like 500. But then u factor in 75 buck there, plus wire plus exchange rate loss/gain, plus wire back, -2% of your profit is commissions ( 1 in 1 out). That's a lot of profit loss right off the hop, to only send a little, if u get my meaning.

[moneysoon]

Ditto

 

have you tried to withdraw money that you make...? 

 

I think you can use western union  or money gram to wire the money to Iraq.?

 

Question about getting the passport certificed.? 

 

Gonna call Iraq consulate general on Monday regarding this..

If you have the initial deposit, Aljazeera is much easier to start an account. I was trading In Under two weeks from start to finish.

[RedTailedHawk]

Moneysoon,

 

Thanks for your input... What does Aljazeera ask for as the initial deposit?

[Nadita]

Moneysoon,

 

Thanks for your input... What does Aljazeera ask for as the initial deposit?

Ditto

[aitshioud]

10k. Usd minimum.

[moneysoon]

It was once only 1K but the brokerage upped it to 10K minimum. I spoke with the broker and advised him that I had a host of friends and family who wanted to get in. He did not budge off his minimum! This led me to understand that this brokerage is not about games. The customer service and piece of mind is worth the 10K in my opinion. The process to get registered and trading even is expedited with this brokerage. If you need help with the process, I will help you as I was helped. A few of the forms have changed which differ a little from previous posts in the ISX area. I am more than pleased with my experience with Aljazeera.

[RedTailedHawk]

Thanks Moneysoon,

That's too steep for me but I understand their reasoning behind. Ask your worth. It's a good practice.
If/when the Dinar RVs, I will still hop onto ISX. Yes, I will have lost that curve opportunity, but Iraq's economy is on a slow and steady progression upward so there will be time to make other productive long-term investments...

Kindly,