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Logging on to Warka to check the lower interest rates


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Apparently, Warka is still operating inside Iraq for the benefit of its Iraqi customers (only) ~ albeit at a discreet operating distance from the IS whack-jobs and any opposing Shiite fanatics.


Which actually answers the question of why the Warka Staff even bothered to post their latest news 2 October, 2014 on the Warka web-site ~ about being closed for the holidays.


Apparently, here is what Warka is doing to survive on their own even without having received the compensation owed to them from the Shiite dominated CBI:


Interest Paid Annually on Savings Accounts

  1. IQD savings accounts     From 7% down to 5% per year compounded monthly
  2. USD savings accounts    From 4% down to 2% per year compounded monthly


Certificate of Deposits (IQD)

  1.  3 months CD     From 8.5% down to 4% per year compounded monthly
  2.  6 months CD     From 9.5% down to 5.5% per year compounded monthly
  3.  1 year CD          From 10.5% down to 7% per year compounded monthly


Certificate of Deposits (USD)

  1. 6 months CD   From 4.5% down to 0 % (N/A)
  2. 1 year CD        From 5% down to 0 % (N/A)


Because we’ve already received the expected higher interest (3 - 3.5% every 6 months) on June 30th 2014, I think that this latest rate change will probably have started on July 1, 2014 and will be paid on December 31, 2014.


Very important right now to be able to log on to your Warka account and check the balances before and after 31 Dec 2014 so that you know which savings interest rate currently applies to your own account ~ also so you can determine how much your account has grown since you first deposited.

I’m seeing an average of about 18% over the last 3 years ~ just from compounded savings interest alone ~ no CD’s.


As long as you know your last password used, you will be able to log-on; then go through the new security checks and change your password to something new.

Very important to get that squared away before 31 Dec 2014 so that you have on-line access to your accounts.


Here is the link to Warka's main home page:


From there just click on the "Online Banking" link in the bottom, right hand corner which is offered on the Home Page:


Before you do that, the only thing you need to have on-hand and ready to repeat is the very last password that you know that you used to access your account on-line via this very same Warka link.


Or, if you've never accessed your account on-line; then you might have to go back to the very first e-mails that you received from Warka at the time you opened your account.


Somewhere in those first e-mail replies from either Mohammad Kamal Issa, the Director of the International Foreign Relations Department for Warka, or from Rowaida Mohammed, of Customer Service for the Warka International Foreign Relations Department, you might find at least a temporary password that you were supposed to have used to log on and change that temporary Warka-issued password for one you'd remember ~ back then.


Whatever the case, if you are armed with your Client ID which is always the middle 6 numbers of your Warka Account # (starting with 8), plus your last known, possibly workable password that you used or could have used if you had followed the links; then, you should be given the chance to use that same password again to get to the portion of the new Warka on-line security that they launched about half-way through their "Guardianship" phase.

This new on-line security drill allows you to change that old password for a new one ~ as well as establish several other newer security checks which will ensure your ID to Warka’s satisfaction in the future.


The Warka staff now is apparently not responding to any (previously required) formal e-mail requests with signed attachments that everybody used to need to submit in order to renew your password for IQD15000 a year.


Two years ago when I renewed my annual e-banking subscription by that more formal method, I actually did get a confirmation e-mail ~ but from Mohammad K Issa, the Managing Director, not from Ashraf Amr who is actually supposed to be in charge of the e-banking department.

I’ve pasted that e-mail thread below (last to first) so that you can get a sense of what used to happen. I’ve XXXXXX’d out or changed my own personal info to protect my privacy.



FW: XXXXXX E-Banking Subscription Renewal


Mohammad K. ISSA ([email protected]<script cf-hash='f9e31' type="text/javascript"> /* */</script>)




[email protected]<script cf-hash='f9e31' type="text/javascript"> /* */</script>;


Saturday, December 29, 2012 9:11 PM



Dear Sir,

Our e-banking department confirms that your online annual subscription has been renewed you can now access your account using the same login details.

Please note that the online link is:

Should you have further questions or inquiries regarding your online account please contact the e-banking team [email protected] and they will provide their full cooperation and support.

For any further information related to your account and the fine services provided by our good bank please take a moment to visit our website news bulletin to view the latest notices and contact details of the related departments that will best handle your inquiries. We have several departments that will specifically handle each banking affair to your best interest by contacting them directly.

Best regards,

Mohammad K. Issa

Deputy Managing Director

Senior Executive

Warka Bank for Investment and Finance

This e-mail is confidential and the information contained in it is privileged. It should not be read, copied or used by anyone other than the intended recipient. If you have received it in error, please contact the sender immediately by return email, and delete the e-mail and do not disclose its contents to any person.


From: Ashraf Amr <[email protected]>
Date: Thu, 27 Dec 2012 08:16:07 +0200
To: Mohammad Kamal <
[email protected]>
Subject: RE: XXXXXX E-Banking Subscription Renewal


Reply-To: MY NAME & EMAIL>
Date: Wed, 26 Dec 2012 02:55:47 +0200
To: Ashraf Amr <
[email protected]>
Cc: Customer Services <
[email protected]>, Mohammad Kamal <[email protected]>
Subject: XXXXXX E-Banking Subscription Renewal


E-Banking Services Department

Customer Services Department

International Foreign Relations



Attached to this transmission please find the file copy of a signed Authorization Letter renewing my Subscription to E-banking Services.


I hope to hear from you shortly with a confirmation of your receipt of my request, and its execution.


Best Regards






It’s notable that I’ve never received a response directly from Ashraf Amr ~ always from Mohammad Issa and he always cc’d Ashraf Amr when he replied back to me.

You can see from this thread that Amr e-mailed Issa back, but didn’t say anything in the message ~ at least nothing we can see.

Whatever the case, the whole process ~ starting from me e-mailing them; up to me being able to log on again usually took no more than a week.

Since this reply from Mr. Issa two years ago, I’ve usually sent my request for renewal ahead of the expiration date and my password was never turned off ~ so there’s been no more communications about it.


Somewhere along the line, I got introduced to the new security drill and it seems that for a while when I renewed every 3 months there was something new added to the security.

Now, the security drill is what it is, and what it takes to consistently login to your account is to go through the “change your password drill” every 3 months.


Now, instead of that old way of renewing your password, the only option seems to be to use your last used (or available) password to login and get to the point where you change that old password to a new one and in addition establish a couple more personal security links which, IMO, are definitely a sign of a new and better security system worthy of any international banking institution. There’s no fee involved now ~ probably never was.


If you attempt to log on with the last best password that you know of and get the message that says “Account Expired, Contact the Bank”, then you’ll have to approach the problem of getting a new working password by finding out the best method to contact Warka and get a response.  


Something interesting to note:


Even though it seems that foreigners holding Warka Savings accounts in USD, IQD, and Euros cannot currently move those funds around or even take advantage of any CD interest rates or do anything with ISX equities that they might have purchased through the Warka in-house brokerage firm; they might nevertheless still be encouraged by the fact that Warka is still offering the best possible savings account interest it can afford to support on its own, without the Shiite dominated CBI, and that rate of return is still better than most other banks care to offer ~ worldwide.


Pretty diligent banking actually, because even with accounts frozen for withdrawals of any kind since about the Spring of 2011, I still see an average overall growth of the IQD accounts of about 18 - 19% thru June 2014.


With these lower interest rates posted on the Warka web-site, future growth may be stymied somewhat; but perhaps still out performing any other North American and/or European Union general savings account offerings.


Even if it is an extremely forced savings.


This DV Warka Forum has at least one post on what to do when you receive that “ACCOUNT EXPIRED” message and probably several more to choose from if you can’t log on but want to take action.


If I had to guess I’d say the key to finally getting a reply from Mr. Issa and getting a password to log on with is persistence with communications ~ which should be kept polite, but insistent on the end result; that is, your ability to login to your own account.

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I agree with all of your are the "go to" guy for Warka........


I log in weekly to my Warka account, and have had no issues or fees........if you log in occasionally the expiration date on your log in gets extended......


I have sent many e-mails on the ISX.......requesting the free shares for stocks owned....etc. etc.....I hope they are working that for us......!


I personally believe that they will honor the US citizens that have accounts with them......I believe the US shut it down because they didn't want too many US citizens getting involved with Warka......


Warka has a huge ATM availability for the citizens of Iraq and will be a huge aid for the Iraqi citizens post RV with the Q cards........


so we should all be good.......


do know that any holdings you have in Warka will be reported to the your taxes accordingly...........



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Because of language barriers and the nuisance of answering so many different emails, I suspect the Warka staff is depending heavily on the latest news streaming on the home page of the Warka website to be the answer to whatever depositors might need to know and therefore have stopped answering most emails.

Hell, with all the rabble rousing going on over there the Warka staff could be confined to their homes or bomb bunkers for all we know.


Because of the insolvency issue and having to wait on the CBI, Warka Bank still cannot do the following with its frozen depositor accounts:


Sell a Certificate of Deposit to a depositor

Allow an Internal Transfer of Funds from one Warka account to another

Allow a purchase or sale of ISX stocks through their in-house brokerage

Allow outgoing funds via any of the Warka bank cards.

Allow any letters of credit to be established


No one will be able to transfer USD funds out of Warka to their home banks or to buy stocks without an internationally approved official stamp of transparent financial solvency from the various central banks and countries that have allowed Warka to do business in the past (especially the FED with all its FACTA entitlement attitudes).

I doubt the Warka staff will answer emails about the ISX since they can neither sell nor buy any Iraqi stocks for you until they are fully open for business again.

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It’s my belief that the Warka Bank ISX Department uses a separately named brokerage firm with the proper Iraqi license; allowing it to move ISX equities either way ~ buy or sell ~ and that particular brokerage firm either services Warka clients exclusively or is owned by Warka as a subsidiary.


Either that or the ISX Department itself has the proper Iraqi licensed Staff Members to trade your equities for you ~ either way trading is tightly controlled by Warka because of the responsibility the staff feels in properly executing your trading requests.


Warka’s brokerage moves are in turn controlled by the actual tradability of any ISX stock you select.


To save themselves any future grief, Warka has suspended any ISX trading through their in-house brokerage firm until such time as Warka’s lawyers (who are still at it BTW) have finally pursued the case they won against the CBI (over a year ago) to the point where Warka actually gets paid enough to be solvent enough for foreign central banks (like the Fed) to once again allow correspondence banks (like Citibank) to channel funds both ways.


When that happens, Warka staff will be answering emails and the ISX tags will once again be available for you to view your ISX accounts on-line when you log-in to your account.


It’s unfortunate, but foreign depositors to Warka now have to wait on international banking acceptance in order for Warka to be able to service its foreign depositors once again.


Warka in turn is waiting on the CBI to fulfill its obligation (under Iraqi law).


The CBI in turn is still struggling to fully comply with IMF banking transparency rules in order to be taken off the temporary operating lists and be fully accepted internationally again ~ yet the Shiite dominated CBI Board of Directors still feels it can undermine the Sunni owned Warka.


Remember all the things you had to do to actually get your ISX trading number with Warka? That wasn’t for nothing.


I’m positive Warka knows who you are and what you’re holding and they intend to honor that when business returns to normal. Meanwhile, track your stocks on the Iraqi Stock Exchange to see if they are trading higher or lower than when you bought.


Man, I hope that all the waiting that dealing with Warka/Iraq has caused has at least added to our cosmic/karmic character growth accounts.

Actually, I know it has ~ but it’s still not very much fun.

Will we get to see a physical 3rd dimensional reward for that patience or is such a reward for next lifetime ~ or maybe even catch-up from previous lives?


Whatever the case, I’d sure like to see a return to normal for Warka so that at least that part of this life isn’t so anxious or chaotic.

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You’re certainly welcome ~ as is everyone else who benefited from this information.

Glad to help.


Not quite sure what you mean by broke the code, but would be very interested to find out.


It might be a huge help to others who are still struggling for access to their accounts if you posted what steps you took to finally be able to login to your Warka accounts.

That’s such great news!


If you could perhaps copy and paste email threads or responses from Mr. Issa to outline your method; then that too would be helpful & informative.

It might pay to take the time to take care and always X out or somehow protect you own personal information when forwarding intelligence through cyber space like that.


Did you start from scratch, having had no previously working password?

Or, had you simply let a previously working password expire?


Not trying to embarrass with the details, but I think there are more than a few folks in either one of those positions who would greatly appreciate knowing a solid method for getting/restoring E-banking services from Warka and especially if that method was applied recently.


I would certainly like to know too, because I have at least one friend in each situation ~ one never had a password and one let a password expire.


Maybe you should start a new topic called: How I recently renewed/started my Warka E-banking Services. Or something like that.


Something this important ~ on-line access to our Warka accounts ~ shouldn’t be left to a kind of cyber space crap shoot as to whether or not we are successful in doing so.


Having a valid password is our only link to our funds and IMO should be maintained no matter the actual amount on balance.

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Nice comments. But I must say that Warka has made enough excuses. There is absolutely no reason why they could not at least allow equity holders to see the values of their own stocks or stock splits etc. on the e-bank services that were blacked out since 8/2013. They supposedly shut the service down because they were improving their computer format, getting their licensing etc.? give me a break! it's just very bad customer service. The first chance I get I'm jumping ship as I don't believe in rewarding bad service.

BTW; with all the explanation about Warka, I was beginning to think that you were somehow affiliated with them.?

Additionally, Warka is owned by very deep pocketed people. Yet they would treat their depositors this way just to prove a point with the CBI? They had guardianship lifted over 1 1/2 years ago !!! I was buying and selling equities up to the time guardianship was lifted? does this even make sense?

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I’m not affiliated with Warka Bank other than being a depositor who has experienced Warka’s services to the fullest of what I needed from an offshore account at the time when they were operating at full capacity.


I’ve successfully FedExed cash and documents directly to the physical address for our Baghdad (790) Branch at least a half dozen times and every time received emails back from either Mr. Issa or Rowaida Mohammed in the International Foreign Relation’s Department’s Customer Service confirming the receipt of the package, the exact amounts and the execution of any other requests enclosed; including purchasing CD’s and an E-banking Subscription.


It made me sure that they are physically there and were really interested in giving the best service they could, so I’ve wired funds to my Warka accounts and also wired funds back to my home bank. I’ve gone through the required routine to get my ISX trading number with the Warka ISX Department.


I have confidence that Warka will not stiff its foreign depositors; precisely because the Bunnia Family is the 56% owner of Warka Bank and those folks have businesses going back over 100 years. They currently control at least 100 companies internationally and have proven themselves capable of fending off attacks from the CBI and the pressures from foreign bank takeovers attempting to merge with them as 51% dominate partners.


While Warka was being declared insolvent and was saddled with an unnecessary CBI appointed CPA firm to act as Guardian, the Bunnia Clan didn’t take it meekly lying down. Instead they had a battery of lawyers suing the CBI for damages and for causing the insolvency and its accompanying less than desirable reputation in the first place.


Can you imagine any bank in the Fed system actually suing the Fed and winning?


Well, the Bunnias beat the CBI all the way through the Iraqi Financial Supreme Court; including all appeals filed by the CBI, and consequently 15 months ago the CBI was ordered to deposit enough funds to Warka Bank to bring it back to full solvency.

The compensation will also include the IQD 500 Billion in reserve which is now required of all banks in the CBI system ~ just to keep the doors open.


The CBI was also ordered to restore Warka Bank’s reputation as a solid reliable (private) bank in Iraq.


The CBI is still influenced by the Shiite dominated GOI and MOF and the Bunnias are still Sunni so there seems to be the unwritten rule in play that allows the CBI to ignore the order and/or continue with whatever appeals process they can get away with while delaying the inevitable ~ that is, that they’re going to pay up and fix Warka’s reputation.


As you said Unirod, they are deep pocketed people and they are not about to knuckle under. They may be one of just a few Iraqi banks who can actually fight the CBI and win.


My feeling is that Warka is in minimal survival mode while they wait for the CBI to fork over. IMO, they’re not just trying to make a point with the CBI. They have shut off access to services to foreign depositors as a way of compartmentalizing their obligations enough to remain open to their Iraqi customers and still deposit earned interest to the foreign savings accounts every six months.


They haven’t faded into the woodwork with all the foreign depositor accounts and that includes the US Army’s account which was at about US$5.2 Million worth of IQD when Warka went insolvent in the Spring of 2011 (or thereabouts).

At plus or minus US$364,000 earned in interest since then; I imagine that the Army will be able to check its account in the summer of 2015 and see approximately US$6 Million worth of IQD in the account.


Meanwhile, all other foreign depositors are still accumulating compounded interest in their savings accounts, too.


I don’t blame you for wanting out and wanting to switch brokers with the ISX, I’m sick of the delay in services, too. No matter whose fault it is.


However, I have yet to find an investment with a match to the ROI that I’m getting with Warka and that doesn’t include any rise in value from an RV or RD. Anything coming as a result of either of those two events will be an extra bonus.

I’ve already experienced a 24% bump in value from when I first purchased dinar and another 18.9% on top of that just from compound interest accumulating over this almost 4 year lockdown period.


Not sure what the aggregate overall percentage of a return on investment would be because I’ve moved funds both ways and CD interest rates are mixed in with the growth during the (actual) 24% rise in value of the currency itself, but I’m satisfied that betting with the Bunnias has been better that putting the funds into either gold or silver and way better than having a Cypress account where 60% of the account can disappear to help pay national debts.


The Belize dollar is pegged at two to one with the USD, but I haven’t sought out a Belize Agent to find out if I could transfer my Warka funds to a bank in Belize and earn any more than I already am with Warka.  


When the time comes that Warka is open for business again, I hope I’m still in a position to let it ride and grow into an interest generating machine that may someday feed a Trust account every six months. Kind of like a self-made annuity ~ only different.


Any increase in value from an IQD currency revaluation will automatically be reflected in the transfer exchange rate Warka offers for us to convert IQD back to USD in preparation for a wire transfer of outgoing USD.


When Warka’s ISX Department is again opened for business, a person holding Iraqi Equities through the brokerage of the Warka ISX Department will be able to view his stocks and either buy or sell again as he wants to.


Because of all the attesting a person has to go through to even get a Warka ISX Department trading number you can be sure Warka has not forgotten who you are or what stocks are in your name.


IMO it will definitely pay to track your equities growth (or decline) on the ISX website and at the same time make sure your equities are still even being traded. Some aren’t traded all the time.

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In your best opinion (or guess) what kind of time frame would you think we're still looking at? I've had a Warka account since 2007 an have a lot of money tied up in the ISX...Would love to see it hit big one day.

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I apologize in advance for covering any topic that you’re already fully aware of.


Beware of boredom, but in answer to your question:


I think that the ISX is set for huge growth with or without a significant RD/RV and IMO is probably going to turn out to be the best use of investment funds in this whole IQD deal.


My take on Warka is that pressure has to be put on the CBI Board of Directors to obey the Iraqi Financial Supreme Court Order and restore Warka to full financial health and reputation before the bank will be able to afford to really open up with full services for foreign depositors again.


Iraq continues to be a member of the IMF and so the CBI must continue to attempt to conform to the same financial transparency rules that all the other IMF member country’s central banks have to follow.


So far, the CBI even after over 10 years of operation is still struggling to come up to IMF standards; but, has been allowed to operate within the IMF umbrella on a year to year and renewable temporary basis.


The USA is still a member of the IMF and its central bank, the Fed, happens to be the dominate central bank of all of the central banks in the IMF. The Fed sets the policy and all the rest of the central banks tied to the IMF are obliged to follow suit because of the widespread use of the Fed’s banknotes (promises to pay) around the globe.


What that boils down to IMO, is that for Iraq to once again become a full-fledged and accepted member of the IMF, with a Forex Tradable International Currency the CBI has to become fully compliant with the Fed/IMF rules.


Only then, IMO, can the CBI even think about putting its plan into action to revalue/redenominate its currency.

Whenever it does, the CBI is going to need Warka and its infrastructure of 120 Branches and 350 ATM machines to complete the task.


Looking at this deal from our perspective, I’d say that whenever the CBI pays up and fixes Warka’s reputation sufficiently enough so that they are fully operational again; then we’ll know that the CBI at least has a sufficient infrastructure in place to warrant the start of any re-denomination/revalue project. ATM’s everywhere, again!


At that point there may be a window to check your equity holdings through Warka’s ISX Department prior to any re-denomination/revalue being launched.


The last prediction I’ve heard of expressed by a CBI Director/Spokesman was that the “project” to re-denominate the currency had been put off until at least 2016 due to the tight budget and the instability of the country. At that time, we are told, the CBI will reassess its options regarding the budget and the stability and decide whether things have calmed down enough to proceed or not.


Unfortunately, other than an upcoming need to fix its currency (when it will actually need Warka’s help) the CBI may continue to just ignore the court order to restore Warka; especially since there doesn’t seem to be any higher authority to make them comply.


As soon as the US presidency changed hands from Bush to Barry, Maliki lost “W” as his mentor and didn’t really know what he was doing internationally ~ he just didn’t know how to act right, really.

Instead, he went all tribal and clannish and tried to build a power base as a wannabe Saddam ~ only with a Shiite strong man at the top this time around ~ and boy, were those Sunnis gonna get it now!!


He tasked every Iraqi political and financial entity he could control to squash all things Sunni and that included Warka Bank. He was still running amok when he got bum-rushed to the door and kicked out on his ear.


The new prime minister has been quoted as saying something to the affect that he doesn’t want to be judged too harshly about what he can do immediately; especially with IS and everything else going on.

In his estimation, it’s going to take him at least half his term (2 years) just to unravel the Maliki created Shiite only power structure enough to allow sufficient Sunni participation, so that everybody starts to calm down about being represented properly.


Enough to make a strong man weep.


In the end it will be Warka Bank’s big footprint of physical branches and ATM’s and the Bunnia Family’s century old business survival techniques that saves it from going under. Just figure that you’re betting with the Bunnias while you’re betting on Iraq and I don’t see any better way to take this gamble.


Meanwhile, I track my ISX pics on an excel spreadsheet and have ready-made stock purchase orders stored digitally and ready to execute when Warka ISX is a go.

You might look at this downtime as a chance to really review the stocks you’ve already bought and track some new ones while you’re at it.


I’d bet my bottom dinar that ole Mo and Ro at Warka Bank don’t like this downtime any better than we do.

He’s a Managing Director and she’s the “go to gal” in Customer Service.

Mo’s got a personal stake in this deal and so does Ro ~ at the very least their reputations.


They’re not going to let us down if they can help it and I think if we can just get ahold of ourselves for a couple more years we might be able to move some equities, buy some CD’s and even wire something back ~ just for drill.

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philip, thanks for your thoughts an you are never a bore sir. I have sent each of the people you mentioned a personal email with no response from either, I can only assume they are under some type of gag order in responding to the banks customers.

Thanks again for your thoughts an maybe this will be our year...

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  • 2 weeks later...

Hey Phlip thanks for the post. I opend a Warka account 5 years ago and every year I had to send email after email to get a new password. But today I followed your link and was able to change my password and view my account...WOW, THANKS!

I have a friend who also opned an account at the same time but doesnt remember his password. What can he do? Thanks in advance.


Found the instuctions in another post you made, Thanks!

Edited by jmdsurf45
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Thanks for the feedback. Glad you’re up and running again.


Please, let us know if your friend is able to get a new password to replace the one he forgot.


I’m pretty sure there are folks who would like to know how to do that.


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