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View Full Version : ISX letter to CBI: Warka Bank approved for Relisting



RogueTurtle
01-24-2017, 10:31 PM
Now awaiting Iraqi Securities Commission Approval....It would seem we are getting closer!!!!


http://www.rs.iq/iraq_news/view/10015


ISX sent to the CBI on Jan. 23, 2017 the lists of banks and money transfer companies which were approved by the board of governors and waiting for ISC approval to be listed:

The following companies approved by the board of governors and waiting for ISC approval: Al-Rawahil Islamic Bank, Al-Ta’awin Islamic Bank for Investment, Al-Warka Bank for Investment, United Company for Money Transfer, International Development Bank, Cihan Investment Bank, Al-Bilad Islamic Bank and Global Islamic Bank.

Al-Ameen Al-Arabiya for Money Transfer applied for listing and submitted all the required documents.
The following companies applied to be listed on the ISX, but haven’t submitted all the required documents: Region Trade Bank, Erbil Investment Bank, Al-Junoob Islamic Bank, Al-Aswar for Money Transfer, Al-Taib for Money Transfer and Al-Lulu for Money Transfer.

Al-Huda Bank did not apply a request to be listed on the ISX.

Will-it-happen?
01-24-2017, 10:46 PM
Yippee! !!!

calstar
01-24-2017, 11:35 PM
This can't be true! Really!

Will-it-happen?
01-25-2017, 12:40 AM
This can't be true! Really!

No mention on warka website tho.....

James
01-25-2017, 12:42 AM
Nice post RogueTurtle .
I did email Mr. Issa for a comment. I will post if I get a reply. Seems like a lot has been happening in the last month or so regarding Iraq. This news is encouraging.

seadesk
01-25-2017, 01:26 AM
This does sound good!

James
01-25-2017, 01:33 AM
Looking at those whose who have posted comments so far ( Join date: 2009, 2008,2005, and me 2004) dang we have been around for a while. Won't believe the RV until I walk into the bank but seems more possible now more than every. Good luck to everyone.

tipawin
01-25-2017, 07:46 AM
Sounds like great news
lets hope our stocks are transferred out of proxy

Brazileiro
01-25-2017, 09:50 AM
very good news for those in the ISX! Would love to hear some good news for those with cash accounts.

Will-it-happen?
01-25-2017, 03:42 PM
Warka current MCAP is $80,000,000 if 1 share is 1.25 IQD

Dar es salaam MCAP $1,500,000,000 before they ran into "trouble"

mike032588
01-25-2017, 03:51 PM
wowowowowowo this is HUGE

James
01-26-2017, 09:40 AM
Nice post RogueTurtle .
I did email Mr. Issa for a comment. I will post if I get a reply. Seems like a lot has been happening in the last month or so regarding Iraq. This news is encouraging.


I received this response this morning.


The article is true where we have received the initial approval from both the CBI and ISX waiting for the standard procedures and protocols to be finalized to be officially re-listed on the local stock exchange.

RogueTurtle
01-26-2017, 09:59 AM
Great Job James, thanks for sharing!!

bultn
01-26-2017, 10:59 AM
Anyone who have got any answers to the question when they again will let people withdraw?

Brazileiro
01-26-2017, 11:51 AM
thanks for sharing the info! At least he is still responding to someone. I still haven't had a response to my emails regarding the interest paid on my cash accounts. And they have been read,,,,


I received this response this morning.


The article is true where we have received the initial approval from both the CBI and ISX waiting for the standard procedures and protocols to be finalized to be officially re-listed on the local stock exchange.

Brazileiro
01-26-2017, 11:53 AM
I haven't seen any news regarding cash accounts in a long time. There has been no info about the "get well meeting" Warka had with the CBI back in June 2016 either.


Anyone who have got any answers to the question when they again will let people withdraw?

calstar
01-26-2017, 06:38 PM
Great news James. Thanks.

buck74
01-26-2017, 09:40 PM
Thanks James. Great news.

darog
01-27-2017, 02:09 PM
Thanks James. Great news.

Thanks for the great news! My question is will we be keeping our old shares or be issued new ones?

pirata
01-27-2017, 11:18 PM
Thanks for the great news! My question is will we be keeping our old shares or be issued new ones?
I got the same question and I requested
a new updated stockporfolio!!

Great news for sure!!

haggisbasher
01-28-2017, 01:32 AM
My question is will i get a warka share offering for warka when they start trading again like al bunnia said at the start of the litigation,because no one outside will even get a hand fill when it is resolved,his own words.?

Will I get compensation for my current account.?

Will I get compensation for my share account.?

Will I get all cash dividends for my proxy shares.?

Will I get my proxy shares added to my good name.?

Will I get my trading platform for ISX.?

Could think of a few more but they have got to settle a lot of questions first.

Am still willing to invest in Iraq as I have a lot of confidence that they are moving in the right direction and willing to put a lot of IQD into the ISX. but lets get on the ISX first.

calstar
01-28-2017, 02:12 AM
Hey hagg do you have article about what Mr Bunnia said.

haggisbasher
01-28-2017, 11:13 AM
Been trying to bring it to the forum but computer playing up,can any one bring it here ,google al warka bank saad sadoon Al-Bunnia

calstar
01-28-2017, 04:42 PM
Ok Thanks. By the way did you request a stock certificate from Warka?

What If....
01-29-2017, 04:41 PM
What's the deal with proxy shares, and what's the best address to email someone about them?

tipawin
01-29-2017, 09:56 PM
Hi What If

I RECEIVED MY STOCK PORT FOLIO LAST MAY USING THE FOLLOWING ADDRESS

3044<3044@warka-bank-iq.com

HOPE THIS HELPS

calstar
01-30-2017, 02:41 AM
:oThat address works

dinar shore
01-30-2017, 03:45 AM
:oThat address works

Hi calstar,

This is dinar shore. We've been at this dinar chase for a long time haven't we? When you have time, can you please help me with the protocol to get Warka update my ISX holdings and track any splits that have occurred. I appreciate anything that you can do to get me back on track.

Thanks,

dinar shore

Virenque
01-30-2017, 07:15 PM
Hi What If

I RECEIVED MY STOCK PORT FOLIO LAST MAY USING THE FOLLOWING ADDRESS

3044<3044@warka-bank-iq.com

HOPE THIS HELPS
I gave it a shot as well. Let's see if I get anything back. I'm afraid I'm on their spam mail list since I was agressively bothering them for purchase of Asiacell shares during the ICB quarantine period.

We are all involved in that for so long now and patiently waiting that we really deserve some proper pay back. I keep my fingers crossed!

Jeez, I'll be a member for a decade this September...

calstar
01-30-2017, 09:09 PM
There were no split but I noticed some gains on my stocks. I guess the splits will come later. I'm waiting for Warka shares and a few others that are still in proxy.

James
01-30-2017, 09:36 PM
Yes mine as well.
It will be interesting to see what Warka will do for it's shareholders.

mike032588
02-01-2017, 09:32 PM
I did also... got nothing so far...




I gave it a shot as well. Let's see if I get anything back. I'm afraid I'm on their spam mail list since I was agressively bothering them for purchase of Asiacell shares during the ICB quarantine period.

We are all involved in that for so long now and patiently waiting that we really deserve some proper pay back. I keep my fingers crossed!

Jeez, I'll be a member for a decade this September...

Virenque
02-06-2017, 08:24 AM
I did also... got nothing so far...
Same here, nada!

mike032588
02-06-2017, 12:12 PM
still waitin.... sent it like 50 times... im telllin u man... warka really violated me... i invested over 100k... since i stopped sending money i dont hear anything... all my money is in 40 stocks in the iSX thouth warkas proxy... i had 200,000,000 shares of warka alone through splits, divies, and free shares... shame to see it all go south...

James
02-07-2017, 09:43 AM
I wrote an email to Mr. I here was my question. Can you please tell me at what date I may begin again to purchase stocks again on the ISX?

Dear Sir,

Once the date has been set and confirmed a notice will be posted on our website…best regards

Brazileiro
02-07-2017, 10:57 AM
at least he is still responding to your emails....


I wrote an email to Mr. I here was my question. Can you please tell me at what date I may begin again to purchase stocks again on the ISX?

Dear Sir,

Once the date has been set and confirmed a notice will be posted on our website…best regards

RogueTurtle
02-09-2017, 03:40 PM
As an update pertaining to Economy Bank and how it relates to our Warka Bank shares:

Like Warka Bank, Economy Bank was placed under guardianship (2014). Economy Bank is now being released back to the ISX and will start trading on Feb 12th, 2017. Here is the press release (http://www.rs.iq/iraq_news/view/10091).

With relisting of Economy Bank the ISX has issued a special rule. Here is their statement. (http://www.rs.iq/iraq_news/view/10097)

IMO, To gain insight of how our shares will act when Warka begins trading again, we should watch how Economy Bank shares act after the 12th and see what effect the special ISX rule has and how the Economy Bank investors act towards the relisting.

James
02-09-2017, 04:43 PM
Thank you for this update.

Brazileiro
02-09-2017, 05:22 PM
thanks for the info RT. They are back in business quickly after being released. Hopefully Warka will be too.

RogueTurtle
02-09-2017, 05:58 PM
No Problem Guys. Lets Hope! Will be interesting how the market reacts to Economy.

calstar
02-09-2017, 08:40 PM
Thanks RT good insight

pirata
02-09-2017, 10:27 PM
As an update pertaining to Economy Bank and how it relates to our Warka Bank shares:

Like Warka Bank, Economy Bank was placed under guardianship (2014). Economy Bank is now being released back to the ISX and will start trading on Feb 12th, 2017. Here is the press release (http://www.rs.iq/iraq_news/view/10091).

With relisting of Economy Bank the ISX has issued a special rule. Here is their statement. (http://www.rs.iq/iraq_news/view/10097)

IMO, To gain insight of how our shares will act when Warka begins trading again, we should watch how Economy Bank shares act after the 12th and see what effect the special ISX rule has and how the Economy Bank investors act towards the relisting.
I am totally agree,that warka will be using
the same protocol to be re-listed in the ISX

40plus
02-11-2017, 02:42 AM
Al-Arabiya Islamic Bank (AIB), a greenfield bank in Iraq, has opted for the Islamic version of the ICS Banks core banking system from regional vendor ICS Financial Systems (ICSFS) (http://www.bankingtech.com/687121/icsfs-gains-new-core-banking-client-in-ghana-bond-savings-and-loans/).
Duraid Yaseen Hamdan, general manager of AIB, says the choice was influenced by the vendor’s “successful and dynamic accomplishments” in the Iraqi banking market.
ICFS has around ten customers in Iraq, including Warka Bank for Investment and Finance, Bank of Baghdad, Iraqi Islamic Bank, Trans Iraq Bank, Mansour Bank, United Bank of Iraq for Investment, and Region Trade Bank for Investment and Finance (RT Bank, former Emerald Bank).
AIB will implement the ICS Banks modules for core, credit facilities and risk groups, trade finance, remittances, investment accounts and profit distribution, time deposit, delivery channels/internet banking, credit cards and ATM management.
Wael Malkawi, executive director of business development at ICSFS, says the project is set to go live “in a record time of two months”.
Last year, another start-up bank in Iraq, Cortas Islamic Bank (http://www.bankingtech.com/620482/new-bank-in-iraq-selects-bml-istisharats-icbs-core-banking-system/), opted for the ICBS core banking system from BML Istisharat.

dinar_dude
02-11-2017, 04:04 PM
this is encouraging to see things moving at least

mike032588
02-13-2017, 02:45 AM
I reallly wish Mr. I was responding to my emails... Than i would be so excited... but I am very fustrated and out of options as to how to get ahold of Warka... BECAREFUL guys... i love Warka and Mr I... But im at a loss of words... amost 3 years with out one email... after 7 years of back and forth... im very angry...

mike032588
02-13-2017, 02:46 AM
Who ever has access to Mr. I ... if he has been responding to you/... please let him know clients with over 500 Million dinar in their bank via ISX Warka Proxy ... cant get in touch with him and is panicking... what do we do?!!?

40plus
02-13-2017, 09:32 PM
Who ever has access to Mr. I ... if he has been responding to you/... please let him know clients with over 500 Million dinar in their bank via ISX Warka Proxy ... cant get in touch with him and is panicking... what do we do?!!?

Putting funds into a new bank & buying stocks during a time of violent conflict was a big risk to take..most involved, myself included, (should) have considered their money gone the day they sent it in. Big risk/big profit..you being a financial guy should know this..my suggestion is to wait patiently, ride it out. It will be either a win or a loss. Maybe SOON?

James
02-13-2017, 09:53 PM
Putting funds into a new bank & buying stocks during a time of violent conflict was a big risk to take..most involved, myself included, (should) have considered their money gone the day they sent it in. Big risk/big profit..you being a financial guy should know this..my suggestion is to wait patiently, ride it out. It will be either a win or a loss. Maybe SOON?


I wrote Warka this morning asking about clients with proxy shares. I cannot guarantee any response. I agree Warka lacks in customer response. I am sure we are in this for the same reasons to make $.
I have been fortunate that most of my emails receive a response. I hope to get this question answered for mike032588 . We really are at their mercy so I would suggest if you send an email to please be nice in doing so.

haggisbasher
02-13-2017, 11:36 PM
Warka stopped responding to me when I called them SAMCO Bank,and called al bunnia a few names ,considered a DOD contract in Taji, if needs be will get a flight out there and join the demonstrations. but waited this long

40plus
02-14-2017, 06:43 PM
I wrote Warka this morning asking about clients with proxy shares. I cannot guarantee any response. I agree Warka lacks in customer response. I am sure we are in this for the same reasons to make $.
I have been fortunate that most of my emails receive a response. I hope to get this question answered for mike032588 . We really are at their mercy so I would suggest if you send an email to please be nice in doing so.

Being cordial and polite does go a long way. I've always gotten a response from Mr I regarding withdrawals and CD rollovers up until Dec of 2015, at which point they stopped offering them & I stopped requesting rollovers. I did get a password renewal response from him around that time too. Once the CBI letter of restoration came out I decided to simply ride this out quietly..let them do what they have to do until our funds are available.

In the US, many of us are quite spoiled and often show it with agitated vocal insistence for 'fast service' and kowtowing by the plebes. This Mc-Dee/Starbucks syndrome does nothing for enhancing relations..especially if the vendor is under some type of stress.

I believe Warka Bank is doing and has been doing everything possible to survive the CBI attack, and indeed it appears they have weathered the storm to this point. My suggestion to those put on 'hold'...be patient, you should have known what you were getting involved in before letting the $$ pass out of your hand into Iraq.

Thanks for keeping us posted, looking forward to any response you get.

Virenque
02-15-2017, 03:43 PM
I reallly wish Mr. I was responding to my emails... Than i would be so excited... but I am very fustrated and out of options as to how to get ahold of Warka... BECAREFUL guys... i love Warka and Mr I... But im at a loss of words... amost 3 years with out one email... after 7 years of back and forth... im very angry...There must have been a phone number somewhere we could call. Weren't there some people actually having a verbal contact with Mr.I in the past?

James
02-15-2017, 04:55 PM
Here is some info I found. Please post if you reach someone. I do not know if this number is still working. I have not every tried it.

Al-Warka Contact Information
Al-Warka Bank
Head Office
Building 50
Q902, St 14
Al-Wihda District
(P.O.Box 3559 Elwiya)
Baghdad, Iraq

Ph: +964-1-717027
Fax: +964-1-17179555


Primary address
Warka Bank for Investment and Finance J.S.C. Building
Al Khalani Square
10th Floor
3559
Iraq
Baghdad
Region
Baghdad
CONTACT

Tel: +964 17-178444
Tel: +964 17-172828
Email: info@warka-bank-iq.com
www.warka-bank.com



Here is a third number to try 964 8869880

SamsonGold
02-16-2017, 07:38 AM
Being cordial and polite does go a long way. I've always gotten a response from Mr I regarding withdrawals and CD rollovers up until Dec of 2015, at which point they stopped offering them & I stopped requesting rollovers. I did get a password renewal response from him around that time too. Once the CBI letter of restoration came out I decided to simply ride this out quietly..let them do what they have to do until our funds are available.

In the US, many of us are quite spoiled and often show it with agitated vocal insistence for 'fast service' and kowtowing by the plebes. This Mc-Dee/Starbucks syndrome does nothing for enhancing relations..especially if the vendor is under some type of stress.

I believe Warka Bank is doing and has been doing everything possible to survive the CBI attack, and indeed it appears they have weathered the storm to this point. My suggestion to those put on 'hold'...be patient, you should have known what you were getting involved in before letting the $$ pass out of your hand into Iraq.

Thanks for keeping us posted, looking forward to any response you get.


This has been my experience as well through the years. I received my password renewal email from them last week. Waiting patiently for more info.

mike032588
02-16-2017, 02:00 PM
i have been extremely respectful always.. and again they just stopped talking one day....

40plus
02-17-2017, 06:23 PM
i have been extremely respectful always.. and again they just stopped talking one day....


Likewise. I'm thinking they will be back & we will get our $$ eventually.

Brazileiro
02-17-2017, 09:26 PM
Likewise. I'm thinking they will be back & we will get our $$ eventually.unfortunately I don't share your optimism. Warka had all services approved in June 2016 and supposedly had a "get well plan" meeting with the cbi, yet no update or information from Warka. It is taking too long for them to do anything that we can see. I've read they are participating in the currency auctions but for who? They have not responded to nor transferred any money from my IQD to my USD account.

I'd be very surprised if we get our money back. If we do I will be one of the many transferring my money and closing my account. Zero trust in Warka Bank

24mm exposed grid
02-18-2017, 08:49 AM
I'd be very surprised if we get our money back. If we do I will be one of the many transferring my money and closing my account. Zero trust in Warka Bank

Too damn right pal. Can't imagine there would be anyone stupid enough to think otherwise. Zero trust is overstating it.

Don't check in here much at all these days, maybe once every few weeks, I see it's all very quiet. ISX stock prices are on their arse and sitting at fractions of what I paid for them. Not sure if this is purely down to general downward price trend or dilution, but whatever, I don't care ! At current ISX prices and with money on deposit in Warka, I think Iraq must owe me around $50k. I wrote this off probably 5 years ago and have no reason to see it coming back anytime soon. The country has proved without doubt in my mind that it will NEVER emerge from being a backward, bigoted, lawless place

Not all bad though !!!! I am currently making an obscene amount of money buying into decent undervalued small cap, natural resource shares on the London AIM market. Generally this type of investing is seen as very high risk and very high reward, but we are starting to move off the multi year cyclical lows in the commodities market and these small companies are now starting to see vastly increased stock valuations as a result. This means risk, whilst still there in abundance, is much reduced and reward much increased. Demand on natural resources was always going to start out-stripping supply at some point as it always does every 8 - 10 years. Just the beginning here and if Trump delivers on his promises, there will be massive additional demand coming to market over the next few years, turning the boom into a mega boom.

Take a look into the coming commodities boom and see how to capitalise on it

BatmaninIraq
02-19-2017, 05:34 AM
Too damn right pal. Can't imagine there would be anyone stupid enough to think otherwise. Zero trust is overstating it.

Don't check in here much at all these days, maybe once every few weeks, I see it's all very quiet. ISX stock prices are on their arse and sitting at fractions of what I paid for them. Not sure if this is purely down to general downward price trend or dilution, but whatever, I don't care ! At current ISX prices and with money on deposit in Warka, I think Iraq must owe me around $50k. I wrote this off probably 5 years ago and have no reason to see it coming back anytime soon. The country has proved without doubt in my mind that it will NEVER emerge from being a backward, bigoted, lawless place

Not all bad though !!!! I am currently making an obscene amount of money buying into decent undervalued small cap, natural resource shares on the London AIM market. Generally this type of investing is seen as very high risk and very high reward, but we are starting to move off the multi year cyclical lows in the commodities market and these small companies are now starting to see vastly increased stock valuations as a result. This means risk, whilst still there in abundance, is much reduced and reward much increased. Demand on natural resources was always going to start out-stripping supply at some point as it always does every 8 - 10 years. Just the beginning here and if Trump delivers on his promises, there will be massive additional demand coming to market over the next few years, turning the boom into a mega boom.

Take a look into the coming commodities boom and see how to capitalise on it

if both of you INVESTED A LOT of money and you wanted to withdraw it why don't you go there and withdraw I think Warka are still bank open their bank activities THEN IF YOU WANTED TO HELP OUR MEMBERS JUST POSTED HERE WHAT HAPPENED

24mm exposed grid
02-19-2017, 07:18 AM
if both of you INVESTED A LOT of money and you wanted to withdraw it why don't you go there and withdraw I think Warka are still bank open their bank activities THEN IF YOU WANTED TO HELP OUR MEMBERS JUST POSTED HERE WHAT HAPPENED


Haha, Seriously ???

I wouldn't fly to Iraq, even if Mr I was waiting at the airport with a suitcase full of cash.

As I said earlier, I wrote this 'investment' off long ago.

Brazileiro
02-19-2017, 11:27 AM
if both of you INVESTED A LOT of money and you wanted to withdraw it why don't you go there and withdraw I think Warka are still bank open their bank activities THEN IF YOU WANTED TO HELP OUR MEMBERS JUST POSTED HERE WHAT HAPPENED
It's been posted that Warka allows only VERY LIMITED amounts to be withdrawn in person. I tried transferring my money back BEFORE they were put into guardianship in order to buy a house and was told then by Warka they could only transfer $X amount at a time. A short time later they were under guadianship.

I've sent a request to have money transferred from my IQD to USD account back when the CBI approved all services for Warka again. No transfer was done and no response from Mr I or anyone at Warka to the request. If you think Warka is open to provide services then why can't they provide wire transfers as any bank can do?

What would be the best thing BatmaninIraq is if Warka put out some information as to their current status in regards to being open for business again, or if they are going through a specific process in order to open for full service again and expect to open in X days/months/years/never. Instead they keep everyone in the dark.

The Commerce? bank is opening again pretty quickly after being approved for re-listing. Why isn't Warka?

haggisbasher
02-19-2017, 01:20 PM
I was reading a article the other week and it resurfaced again the other day was that minister Tammi from the financial Integrity Dept.and a very important person with a lot of clout has sent a letter again to the CBI to get all Warka Bank Directors Arrested and the CBI to pay back the customers ,

This has to be good news for us Warka Bank account holders , I feel this is coming to a head soon with the liberation of Mosul West will be the security Law.

Whatever happened to the Iraqi Supreme Court decision to award damages from CBI and the Government Departments ,this was after 3 appeals where heard and through out of court ,

because there were to many Warka Bank people affected the all damages the decided all the claims under the same court claim case.

I've got a feel good factor back on this Investment ,right questions are being asked and the advancement of Iraqi Banking system.

Brazileiro
02-19-2017, 06:56 PM
....Whatever happened to the Iraqi Supreme Court decision to award damages from CBI and the Government Departments ,this was after 3 appeals where heard and through out of court ,

because there were to many Warka Bank people affected the all damages the decided all the claims under the same court claim case....this is a great question. "Compensation and rehabilitation" I seem to remember reading about. I thought it might come up when they supposedly had the get well meeting with the cbi in june last year, but there has been no news from warka nor the cbi.

Apparently Warka recently had an audit, at least that was the reason I was given for money being removed from my account without any notification from Warka, so maybe we will hear something soon. Yes that dreaded word in warka circles,,,"soon" :P

buck74
02-23-2017, 12:02 AM
this is a great question. "Compensation and rehabilitation" I seem to remember reading about. I thought it might come up when they supposedly had the get well meeting with the cbi in june last year, but there has been no news from warka nor the cbi.

Apparently Warka recently had an audit, at least that was the reason I was given for money being removed from my account without any notification from Warka, so maybe we will hear something soon. Yes that dreaded word in warka circles,,,"soon" :P

I had gotten all of my stock including Warka put in my name before they had all of these problems. So, if they really are in my name, and they cannot sell them would it be to their advantage to sell these and get the commission, even if I took the money out they would get another cut there. Of course it could all be a shell game where they never really converted them to my name, and they sold them and kept the money. Anything is possible it seems. Money I had in accounts I have pretty much figured is gone. Maybe when ISIS is kicked out of Iraq they will reward the Sunnis and throw Warka a bone.