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ISX account form


jmdsurf45
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I recently purchased the ISX Report plus I've recieved correspondance from Warka on setting up an ISX account, I'm not clear on who does the notorizing, the form doesn't indicate but warka says it has to be a Iraqi Embassy or Consulant in the US from what I understand.

Thanks!!!!!

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Just curious... Would you not expect the ISX Report to detail the how to of the finer points??

Go RV !!!

i own the isx report and it is not well written. i understand jmd's confusion.

Let me provide clarity here. Notarization will be performed by a accredited Notary of your state. You can go anywhere pretty much to find one. You will have the Notary notarize your document. You will scan the document and email it to the broker. You are not done. You will send the notarized document to the AACC (Arab American Chamber of Commerce). They will CERTIFY the documents; validating them to be used within Iraqi jurisdiction. When you receive the certified document back, you will promptly scan them and email them to your broker. You are done.

If you are doing this for a corporation, it will require another step and higher price. Please read my detailed instructions hereto help provide even more clarity.

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I believe you are supposed to send the originals to Warka's ISX dept. Keep a copy for yourself. The cost which is hard to figure out from the ISX report, for the Arab American Chamber of Commerce verification is only $103. Adam Montana's book gives much better directions. I have sent my originals to the ISX dept and have received acknowledgement that they received them. Getting approved by the ISX itself takes a while longer.

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Here is the response from Warka

Dear Sir,

To participate in the Iraqi Stock Exchange according to the firm regulations

and requirement set by the ISX to purchase stocks under your name you must

first have the following documents certified by the Iraqi Embassy or Iraqi

Consulate in your country.

1- Valid Clear Colored Passport Copy and Valid Clear Colored ID Copy

2- Address and contact details.

3- Your three specimen signatures for verification.

The documents must bear the Iraqi Embassy seal and are to be sent to our

mailing address where it will be submitted to the ISX for verification and

approval. Once approved the ISX (Iraqi Stock Exchange) will register your

name and information in their electronic system issuing your investment

trading number within a period of 2- 3 weeks where once issued our ISX

department isx@warka-bank-iq.com will confirm to proceed accordingly with

purchasing stocks in your good.

To buy stocks please send a signed buy order by email to our ISX department

isx@warka-bank-iq.com indicating the company and number shares that you are

interested in purchasing authorizing our bank to deduct the purchase amount

and commission fees and by visiting the official ISX website www.isx-iq.net

<http://www.isx-iq.net/> bulletin and reports - electronic bulletin you

can view a list of the companies that are currently trading and updated

market prices to base your stock order noting that the minimum buy order is

200000 shares per company per session and that the commission fee is 1% per

buy order. The same fee and procedure is applied when selling shares.

For any further information please feel free to contact our ISX department

directly isx@warka-bank-iq.com to be of best assistance.

Best regards,

Mohammad K. Issa

Deputy Managing Director

Senior Executive

Warka Bank for Investment and Finance

  • Upvote 1
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The documents must bear the Iraqi Embassy seal and are to be sent to our

mailing address where it will be submitted to the ISX for verification and

approval.

interesting. i received no such directions from other brokers. i just forwarded an email to Al-Jazera and they were fine with the Iraqi Embassy certified documents being sent via email for ISX submittal. not sure why Warka request the documents sent via the postal system.

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i just forwarded an email to Al-Jazera and they were fine with the Iraqi Embassy certified documents being sent via email for ISX submittal. not sure why Warka request the documents sent via the postal system.

just to follow up, i received my isx account number 2 days after forwarding them the email with the scanned documents attached. my originals are sitting safely in my home office.cool.gif

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Thanks!!! So you just emailed your documents instead of sending them via postal system per my response from Warka and Adam's book? Did you send your notarized copy to the embassy here in the US first with the money? As long as it took me to get my warka account and online service set up I don't trust the mail service to Iraq...LOL. I'm definitively going to try your way.

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Thanks!!! So you just emailed your documents instead of sending them via postal system per my response from Warka and Adam's book?

yes, i scanned and emailed my Iraqi Embassy certified documents

Did you send your notarized copy to the embassy here in the US first with the money?

yes, after getting my documents notarized over at the mail express store (or whatever the name of it is), i sent them to the AACC with a check enclosed

As long as it took me to get my warka account and online service set up I don't trust the mail service to Iraq...LOL. I'm definitively going to try your way.

i can't promise that warka will be cool with it but the isx was certainly cool with it. like i said, i went through a broker instead of through warka bank. my experience with a broker has been swift. the things i've heard about warka's customer service steered me away. as a matter of fact i emailed the same iraqi embassy certified docs to warka the other day to see if i could open a bank account and i have yet to hear back from them. that was about 3 days ago.

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Yeah Warka is a pain in the rear end. It took me 2 months to get an account and online access. Since then I have wire transferred money into my account with no problems. But, I'm going to take your word on the broker. Wold PM me which one you are using? Thanks!

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Just thought I would post a quick update. The other day, for the heck of it, I sent my scanned AACC document to Warka requesting a new account. The documents I sent were the personal docs (the ones I call identity docs...not my LLC docs). The personal documents include the passport, drivers license, three signature page and address. Well I forwarded them onto Warka in an email and '

here is what I sent:

=====================================================

October 5th -

to c.accounts@warka-bank-iq.com, ifrd@warka-bank-iq.com

Hello,

I would like to open a bank account with Warka Bank. Please find all of the proper documentation attached.

Kind regards,

=====================================================

here is the reply:

=====================================================

October 9th -

Dear Sir,

Your request will be passed to our customer accounts department to establish your USD and IQD savings account where once opened they will confirm your accounts details and wire transfer instructions to proceed with funding your account.

Your documents will be passed to our ISX department to be verified where once confirmed it will be submitted to the Iraqi Stock Exchange to process and register your information and documentation within their electronic system where once registration is completed an investment trading number will be issued which our ISX department will confirm by email noting that it takes 2-3 weeks for the Iraqi Stock Exchange to issue an investment trading number.

Should you have any further questions please contact our ISX department isx@warka-bank-iq.com they will be of full assistance.

Should you have any further questions or inquiries please take a moment to visit our website www.warka-bank.com 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 as they handle customer inquiries and transactions.

Best regards,

==================================

THEN I RECEIVED THIS

==================================

October 11th -

Dear Mr. *******,

Please note that we confirm receiving your ISX documentation which will be passed to our brokerage firm to verify your information processing the related forms to register your information at the Iraqi Stock Exchange where once finalized by the Iraqi Stock Exchange your investment trading number will be issued which we will confirm and send accordingly.

Please note that this process as set by the Iraqi Stock Exchange takes 2-3 weeks to complete...

Should you have any further questions please contact us we will be of full assistance and support.

Best regards,

ISX Department

Warka Bank for Investment and Finance

==================================

So it looks like, from my little experiment, that when dealing with Warka, UNLIKE THE OTHER BROKERS, you should firstly get your documents certified by the Arab American Chamber of Commerce. Warka, IMHO, only has time for official documents while the other brokers allow you to send notarized documents and follow up 15 days later with the certified embassy documents. In other words WARKA DONT PLAY THAT.

HTH :D

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  • 2 weeks later...

just to follow up, i received my isx account number 2 days after forwarding them the email with the scanned documents attached. my originals are sitting safely in my home office.cool.gif

So Trinity, your brokerage firm is Al-Jazera. How do you send the funds to them for you investments? I have a Warka account and am not sure if funds can be transferred electronically from Warka or just how it is done. I too am a bit tired of dealing with warka and them taking their sweet time on matters.

Thanks for you response in advance.

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hello my friend. i will answer as best i can.

So Trinity, your brokerage firm is Al-Jazera.

affirmative

How do you send the funds to them for you investments?

I wire the funds from my bank account to their bank (Investment Bank of Iraq). Al-Jazera is the beneficiary listed on the wire form. On the wire form I have to list an intermediary bank as well (The Housing Bank for Trade and Finance). Here is the letter from Al-Jazera:

We enclose an attachment which shows how you transfer money from your bank in the USA to The Housing Bank for

Trade and Finance (swift code HBHOJOAX),Account No. 544-7-28542, which will be transferred to The Investment Bank of Iraq

(swift code IVBIIQBA), Account No.25555$.

Please let us know when you make the transfer by sending us a copy of the transfer. Also tell us what shares on the ISX you would like to buy and how much money to invest in buying them as we shall begin to trade as soon as the transfer has been completed. We look forward to hearing from you soon.

Best regards,

Hasan A.L.Abdul-Karim,

CEO,

Aljazera Brokerage Company.

I have a Warka account and am not sure if funds can be transferred electronically from Warka or just how it is done. I too am a bit tired of dealing with warka and them taking their sweet time on matters.

Thanks for you response in advance.

i am certain warka can transfer funds straight from your bank account there to The Investment Bank of Iraq. and because it is within country, you shouldn't have to go through the intermediary bank which I believe is located in germany. who you would email for this, i do not know. but just as you would require them to wire funds back to the usa when you demand your money, they should be able to follow the same procedure to wire money intra-country. make sense?

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interesting. i received no such directions from other brokers. i just forwarded an email to Al-Jazera and they were fine with the Iraqi Embassy certified documents being sent via email for ISX submittal. not sure why Warka request the documents sent via the postal system.

DinarBot team scanned and sent via email. They were excepted by Warka.

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pls help me understand why warka takes so long...ive had my account numbers for 2 weeks now and i requested online banking so I can see my funds and its been two weeks..im concerned about using warka as my broker..will they get my email to do the transaction I request,,how will I know because they are so slow..that would be so outside my comfort zone...so Im leaning toward taking Trinityexchange's advice and use their broker:) thanks for the tip:)

trinityexchange..what are your broker's fees?

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  • 1 month later...

The broker does not charge a "fee" for funds being wired. They do have a 1% buy fee and a 1% sell fee.

The fees for wire transfers come from the initiating bank , ( yours ) and the interim bank just before it gets to the broker.

I wired $1000.00 USD from my bank. My bank took $40.00 and the Investment bank of Iraq took $25.69 fee. I got the balance in USD to the broker and they exchanged it into IQD. Then I placed my buy order.

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