Is there any guarantee at all on ISX or Warka funds?

[iraq4tw]

In the US, we have FDIC insurance on accounts - if a bank goes belly up or gets hauled into court for whatever reason, our money is insured and we'll eventually get it back. Is there anything similar in my Iraqi accounts? I get the impression I'm extremely vulnerable and at the whims of mystery people I'll never meet...

I have a small amount deposited into my Warka account, and I plan to move some into the ISX soon.

For fun, let's say I have up with 500,000 IQD in my Warka account and 500,000 in my ISX.

Also for fun, let's say for some reason they grow 1000% - a HUGE amount. Now I have 500,000,000 IQD in each. Tomorrow.

So, tomorrow I throw a party and try to withdraw my money... Can Warka and/or the ISX simply say, "Whoops! We don't have your money - buh-bye now!" and then I'm screwed? I'm not saying they will, but - they can, right?

[RotaryRevn]

Sure they can do that to you. This is Iraq your dealing with here. Are you willing to take that risk to possibly become a millionaire?

I am....

[panhead]

yep ya get an e-mail from Mr I........lol.....

[Fishindinar]

In the US, we have FDIC insurance on accounts - if a bank goes belly up or gets hauled into court for whatever reason, our money is insured and we'll eventually get it back. Is there anything similar in my Iraqi accounts? I get the impression I'm extremely vulnerable and at the whims of mystery people I'll never meet...

I have a small amount deposited into my Warka account, and I plan to move some into the ISX soon.

For fun, let's say I have up with 500,000 IQD in my Warka account and 500,000 in my ISX.

Also for fun, let's say for some reason they grow 1000% - a HUGE amount. Now I have 500,000,000 IQD in each. Tomorrow.

So, tomorrow I throw a party and try to withdraw my money... Can Warka and/or the ISX simply say, "Whoops! We don't have your money - buh-bye now!" and then I'm screwed? I'm not saying they will, but - they can, right?

They could do that but it would kill alot of future investors.

[BILLYG]

yep ya get an e-mail from Mr I........lol.....
Akin to a used car salesman saying "Trust me, really!!!"... The point is enter at your own risk whether your CIH, Warka, ISX or all 3...

[iraq4tw]

Well, this is encouraging. lol! :D

[trusty]

In the US, we have FDIC insurance on accounts - if a bank goes belly up or gets hauled into court for whatever reason, our money is insured and we'll eventually get it back. Is there anything similar in my Iraqi accounts? I get the impression I'm extremely vulnerable and at the whims of mystery people I'll never meet...

I have a small amount deposited into my Warka account, and I plan to move some into the ISX soon.

For fun, let's say I have up with 500,000 IQD in my Warka account and 500,000 in my ISX.

Also for fun, let's say for some reason they grow 1000% - a HUGE amount. Now I have 500,000,000 IQD in each. Tomorrow.

So, tomorrow I throw a party and try to withdraw my money... Can Warka and/or the ISX simply say, "Whoops! We don't have your money - buh-bye now!" and then I'm screwed? I'm not saying they will, but - they can, right?

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

If you don't go that route...what's your Plan "B" for that [potential???


Trusty

[War Eagle]

Warka has over 10,000 foreign customers,and over 5,000 of them are in the ISX.If Warka "screws" us,there is going to be a lot of VERY upset people.Having said that;Warka is owned by Saad Al-Bunnia,one of the wealthiest people in Iraq,maybe the world.He owns a tremendous amount of businesses in Iraq.I simply do NOT think for one second that he would jeopardize his reputation in the slightest way.You can check his web site out;Al-Bunnia.com-it's quite impressive.

[War Eagle]

They used to put his investments on the site,but they have removed them. National Chemical,National(civilian)Bank,Commercial Bank,Baghdad Soft Drink,Al-Warka Bank,Al Raz Chemicals,Iraq Packing and Canning,Ahlia Insurance.

[iraq4tw]

They used to put his investments on the site,but they have removed them. National Chemical,National(civilian)Bank,Commercial Bank,Baghdad Soft Drink,Al-Warka Bank,Al Raz Chemicals,Iraq Packing and Canning,Ahlia Insurance.

Are those the investments that he currently has, or the ones that used to be posted on the site?

[explorerhot]

If they did say "what money?", you would have lost the whole $750.00 USD you invested, and be really mad and what would you do about it...........probablly not much.

But, if they are honest and everything works out, in your example you are a millionaire.


In the US, we have FDIC insurance on accounts - if a bank goes belly up or gets hauled into court for whatever reason, our money is insured and we'll eventually get it back. Is there anything similar in my Iraqi accounts? I get the impression I'm extremely vulnerable and at the whims of mystery people I'll never meet...

I have a small amount deposited into my Warka account, and I plan to move some into the ISX soon.

For fun, let's say I have up with 500,000 IQD in my Warka account and 500,000 in my ISX.

Also for fun, let's say for some reason they grow 1000% - a HUGE amount. Now I have 500,000,000 IQD in each. Tomorrow.

So, tomorrow I throw a party and try to withdraw my money... Can Warka and/or the ISX simply say, "Whoops! We don't have your money - buh-bye now!" and then I'm screwed? I'm not saying they will, but - they can, right?

[iraq4tw]

Thanks Chuck :D

[lglwzrd]

there is a limit to how much you can withdraw from your warka acct. there are rules.

[crystalb32577]

what if you have your dinars at home with you... how do you cash them in

[iraq4tw]

rules I don't like so much.

What's the most anyone here has withdrawn? Where are these rules?

[buck74]

Many people are better sticking with a US savings accont if they want security, the interest rate of 2% or so is better for those who can not take the risk. We have seen what the US stock market can do.



In the US, we have FDIC insurance on accounts - if a bank goes belly up or gets hauled into court for whatever reason, our money is insured and we'll eventually get it back. Is there anything similar in my Iraqi accounts? I get the impression I'm extremely vulnerable and at the whims of mystery people I'll never meet...

I have a small amount deposited into my Warka account, and I plan to move some into the ISX soon.

For fun, let's say I have up with 500,000 IQD in my Warka account and 500,000 in my ISX.

Also for fun, let's say for some reason they grow 1000% - a HUGE amount. Now I have 500,000,000 IQD in each. Tomorrow.

So, tomorrow I throw a party and try to withdraw my money... Can Warka and/or the ISX simply say, "Whoops! We don't have your money - buh-bye now!" and then I'm screwed? I'm not saying they will, but - they can, right?

[iraq4tw]

Many people are better sticking with a US savings accont if they want security, the interest rate of 2% or so is better for those who can not take the risk. We have seen what the US stock market can do.

You are 100% correct - some people should stick with low risk investments.

[cloaked]

this is easy: just don't invest over there what you cannot afford to lose :clapping:

[iraq4tw]

Kind of like Vegas :D

I did a google search, can't find anything about the withdrawal limits.

[buck74]

It used to be 10k USD per transaction, but I am not sure if this rule still exsists. I wired 5k USD back to the US last year in one transaction with no problem.

[iraq4tw]

It used to be 10k USD per transaction, but I am not sure if this rule still exsists. I wired 5k USD back to the US last year in one transaction with no problem.

Wow, that's going to be annoying when I have to pull out several million 10k at a time. :rofl::rofl:

[trusty]

Wow, that's going to be annoying when I have to pull out several million 10k at a time. :rofl::rofl:


Yes, and I am looking forward to that annoyance.

Trusty