Warka Bank

[Psycho for Dinar]

Thank you for your e-mail dated June 2,2004 . Thank you for choosing
our bank to be your assistance for your financial needs in Iraq, it?s
pleasure to deal with you in our bank .
You can open two accounts, one in Iraqi Dinars and the other in US
Dollars in our bank (for this we need copy of your passport and specimen of
your signature duly attested by your booklet ) then you can transfer your
funds ( US Dollars ) to your account in our bank with a commission of
0.125% through one of our corresponding banks:
Housing Bank for Trade and Finance
Swift Code: HBHOJOAX

P.O Box 7693
Amman 11118
Jordan
Our A/C No. in US Dollars../
0019583140201

Fransabank S.A.L
Swift Code: FSABLBBX

P.O Box 11-0393 ? Beirut 11072808 ? Lebanon
. Our A/C No.
in US Dollars../ 00500304?03-93002098
For exchanging your funds in to Iraqi Dinars we ask you to sent an
authorizing letter for our bank signed by your goodself ,to unable the bank
exchanging you Dollars to Iraqi Dinars .Also we must inform you that any
drawing from such account should be made by you personally or by written
authorization from your goodself , and please we inform you that you can
not transfer any Iraqi Dinars from your account out of Iraq because it?s not
allowed by the law of Iraqi Central Bank .
The amount of exchanging Iraqi Dinars against the Dollar is variable
depending on the market but you can follow the changes through this web
site :? http://www.iraqdirectory.org (http://www.iraqdirectory.org/) ?.
Thank you again for contact us .If you need any further information , please
do not hesitated to contact us .

Dear sir , we remain .
Best regards .


R

[highrollr19]

Are you going to do it? How reliable do you think they are? Let me know when you hear back from them

[Psycho for Dinar]

I didn't do it. This bank is apparently in Beirut Lebonnon. Need I say anything more?

[highrollr19]

Yeah, that is what worries me. Like I posted in an earlier thread, the governments have the right to null any foreign investment. THat kinda scares me away from it. I do however like the idea of protecting my investment from the possible coversion of currencies. If you find out any other possible avenues of success, please share! Thanks

[Marilyn]

Why do you think it's not safe? The address I have for them is in Bagdad Iraq...

[Psycho for Dinar]

Give it a try and if it works, let us all know. As for myself, it just kinda triggers the ol' "Spidey Sense". I personally relate Beirut Lebonnon as a bombed out Syrian pawn country that openly houses and trains terrorists. Likewise, I have no problem with such countries as Jordon or Kuwait....I believe they are on the US favored list.

Sending a Lebonon Institution money for banking to me is like asking Martha Stewart for stock investment advice....ha,ha

Quoting the famous words of Mick Jagger, "I may be wrong then I may be right"

If you opt to go for it though, I definately wish you the best of luck and fortune!!!!!!!!!!!!!!!!

[JHawk]

Actually the bank is based in Amman, Jordan. Do a web search and read about them. I'm not computer savvy enough to post links.

[Psycho for Dinar]

Please don't get me wrong, In no way am I saying that this institution is not to be trusted. As you can see from the e-mail I recieved back from this bank, it sounded like my transactions were to be transfered from the "Housing Bank for Trade and Finance" in Jordon (which I was able to find many GOOD things about) to the Warka Branch in Beirut Lebonon.

I have been doing a little research on the Warka bank and have found they have many branches located in the Middle East and also Europe. They are also recognized by the Arab Banking League (if I recall the name right from the net site).

Like I stated, I personally don't want any assets of mine in a Beirut institution at this time. If it was a Jordan or Kuwait branch...I'd be alllll about that!!!!!!

[Blake]

Please don't get me wrong, In no way am I saying that this institution is not to be trusted. As you can see from the e-mail I recieved back from this bank, it sounded like my transactions were to be transfered from the "Housing Bank for Trade and Finance" in Jordon (which I was able to find many GOOD things about) to the Warka Branch in Beirut Lebonon.

I have been doing a little research on the Warka bank and have found they have many branches located in the Middle East and also Europe. They are also recognized by the Arab Banking League (if I recall the name right from the net site).

Like I stated, I personally don't want any assets of mine in a Beirut institution at this time. If it was a Jordan or Kuwait branch...I'd be alllll about that!!!!!!I think we are trying to say you misinterpreted the email, as that is the exact email we have all received back from Al-Warka at this point. I think Al-Warka Bank was just listing several of their branches across the region that are set up to accept international wire transfers to open up a foreign account.

I don't think it meant if you sent it to the Housing Bank for Trade and Finance in Jordan that your money would then be moved on to the Beirut Branch. You've got to remeber that these emails in English are being made by someone who is more fluent in Arabic and may get some expressions a bit unclear. Additionally, it seems the response is pasted from an original source and the margins are a bit messed up in all of our emails. It happens, they just aren't realizing it yet.

[highrollr19]

Why do you think it's not safe? The address I have for them is in Bagdad Iraq...


I think it unsafe because of what I mentioned earlier about foriegn investments. From the research I have done about "martial law", the government has the authority to null/void any foreign investments in any of their banks. This does worry me. Not to say that it will happen, but considering that Iraq is currently under martial law... I just would rather not risk my money at that. If I could find one outside Iraq that I trusted, I might consider it...

[fsm75]

I think it unsafe because of what I mentioned earlier about foriegn investments. From the research I have done about "martial law", the government has the authority to null/void any foreign investments in any of their banks. This does worry me. Not to say that it will happen, but considering that Iraq is currently under martial law... I just would rather not risk my money at that. If I could find one outside Iraq that I trusted, I might consider it...


The problem with the idea that Martial Law would be used to declare foreign investments null would be the fact that Iraq has to establish the trust of foreign investors and the international business community in order to establish themselves as an economic power in the region. It does not stand to reason that they would delare internal investments void. They would be finished. Iraq needs the support and hard cash of the international business community. It really is that simple. They are attempting to restore the country. What you are suggesting would outright destroy it.

[Blake]

From the research I have done about "martial law", the government has the authority to null/void any foreign investments in any of their banks. This does worry me...Do you have any sort of link so we could take a look at what you mean??

[Jared]

For those that received a letter back from Warka, did you look towards the bottom where it says that foreign investers are currently not allowed to invest in Iraq at this moment. It states that when foreign investment is allowed they would email me back. So it looks like you can get the accounts created ahead of time, but cannot invest until the Iraqi government OK's it.

As far as the null-void part of investing, they could not do that and survive. You do that to any investor and you will probably never see another drop of investment capital.

Jared :cool:

[IQDFiend]

I have been talking with them and they say that foreign buyers will be allowed shortly, but not yet.

PS> my accounts with Warka are now open ;-). As you mentioned Jared, they screw one investor out of his money, and the well drys up ASAP. I see it as no riskier than the dinar purchases off of eBay, and I am not sending any money over there thatI cannot live without were it to dissappear tomorrow. Will keep everyone updated.

[Marilyn]

I agree with Jared. Although this is the first I've heard about Marial Law's potential effects on investment (Thank you fsm75). It certainly seems like something they have no reason to do, and every reason not to. :confused:


**Can't wait for my new account number to come**
IQDFiend -- Did you wire your funds yet? :D

[JHawk]

IQDfiend, could you post the mailing address of Warka Bank. I'm still getting my documents together but I need to know where to Fedex them.

[JHawk]

BTW, I looked at the Bank of Baghdad website and they listed Citibank in Jordan as one of their corresponding banks. That makes me a little less nervous about sending my money overseas.

[Northof48]

I too recieved the email above. I am collecting my documentation at this time. However, I dont have the address for sending the documentation.
How did others send their documentation?

I will be transfering money to the branch in Jordan. Syria, no way. Lebanon, nope.
I have several friends here from lebanon and other middle east countries and I will ask about the bank in question.

So, how did others send their documentation?

[IQDFiend]

I gathered the documents required and then had them scanned in and turned into .pdf documents.

I was then able to simply email the documentation to the bank, and they used that to open my account. (signature document, transfer document, personal information, etc.)

Round-trip time of sending documents to them and getting my account open, 1 business day, but your experiences may vary :-)

So, anyone else get their account open? I have a theory about the account numbers that I would like to test, and might give us some insight into the number of foreign investors jumping in (at least at this bank).

IQD

[Blake]

I emailed Al Warka back asking if i could fax the documentation, etc., and I got a very unhelpful response this morning telling me I could email it.

I followed up asking how to I was to email Identifcation bearing "my photo, address, and duly attested signature", but have received no response back as of yet.

Anyone know if scanning my Driver's License will suffice for Identification? I don't have a passport.

I think the lanugage barrier still poses a problem for questions that are not routine.

I defniitely intend to shop around to all the Banks licensed to be brokers for the ISX. Not only for price comparison, but for the most reliable service and fastest communication between me and my future broker to ensure up-to-date buying/selling upon my orders.

[Marilyn]

I emailed mine today. I expect a response tomorrow. Just scan your license, the letter they outined and a sample of your signature and email it to R at the same address. warkabank@hotmail.com

[Northof48]

Thanks for the replys everyone. I'm in Kuwiat and as of yet haven't found a scanner. Maybe Kinkos needs to open up shop here.

Ill keep you posted.

[Marilyn]

Iraq and Kuwait need Kinko's service...
Starbuck's....
Gap...
Circuit City....

Oh man, wait till the kids get their hand on a playstation or XBox!

Somebody, open a Game Stop or EB World, something!

[Northof48]

:eek: :p Well, we have Strarbucks already. Several locations. Kentucky Fried is also a favorite as is 31 flavors, Hardies, Little Ceasars, Pizza Hut, Applebys, TGI Fridays , Burger King and of course reaching higher than the minuretes, challanging the domes of the mosques for your attention, srpouting out of the desert like a spring flower..............the uniquely American House of worship, THE GOLDEN ARCHES OF MCDONALDS!

[Northof48]

Thank you for your e-mail dated July 19, 2004
You can send ( copy of your passport or any official document,
specimen of
your signature duly attested, full address, small picture ) by e-mail
, but
if you like to mail it ,our address is :

Head Office
Baghdad – Iraq
Hay Alwihda – Sec. 902 – 14th St.
Tel: 7174970 , 7172828 , 7178444
Fax : 00964 1 7179555
P.O. Box : 3559 Elwiya
E-mail: warkabank@hotmail.com
warkabank@yahoo.com

My phone number is : 00964 1 7172045

[BRYAN]

I gathered the documents required and then had them scanned in and turned into .pdf documents.

I was then able to simply email the documentation to the bank, and they used that to open my account. (signature document, transfer document, personal information, etc.)

Round-trip time of sending documents to them and getting my account open, 1 business day, but your experiences may vary :-)

So, anyone else get their account open? I have a theory about the account numbers that I would like to test, and might give us some insight into the number of foreign investors jumping in (at least at this bank).

IQD
:) GREAT . I WAS WONDERING IF YOU USED YOUR CURRENT BANK IN ANY WAY TO HELP WITH THE TRANSACTION ??

[Marilyn]

Hi North,

Is that an age or a location ? I really didn't think Saddam had allowed our vices, like Mickey D's. How much is a Big Mac over there?

[Northof48]

Its a location. I'm from Alaska via Chicago.

I was referring to Kuwait when I posted about all the fast food places. I do believe Pizza hut was first in Iraq with the U.S.Army.

Don't know about Big Mac. They do serve a Mc Arabia here. Pizza Hut is comperable to U.S. prices.

[Marilyn]

What's on a McArabia?

[Marilyn]

My daughter wanted to study in Alaska. She's an Environmental Science Major. Ended up at Southampton instead, a stark contrast :D .

[allen]

:confused: I am sorry for asking this, I'm a rookie to this, but im trying to understand this banking and exchange thing, when the Dinars hit a price where i decide to cash in, where do i go and what do i do? concidering it maybe awhile before US gets on board with this.

[Part-timer]

:confused: Don't feel like the lone ranger! I too am a rookie. I've been a member for a few days now, read every post and most twice just trying to understand all this. I'm also wondering if we need to open a bank account in Iraq, not only to get in on buying of stock when it opens up to us here in the states, but also to be able to exchange dinars to USD when it opens to the world market. By the way, I've thoughly enjoyed the knowledgeable information all of you have to share. Thanks so much!

G

[eddie]

once the world market opens up, there will be places where you can exchange your current nid's to $us here stateside. Where? No one knows yet. So basically you will have to sit on your current dinar holdings until banks, etc. start opening their doors for dinar currency exchanges.

I would say open up an iraqi bank account if you want to do the following:
1. wire money and invest in the isx by opening up a "current" account
2. wire money to a "savings" type account to realize interest gains on the dinar
3. do both

[fsm75]

What is the interest rate savings accounts? Does anyone know. Is it simple or compounded? Monthy or annually?

[Marilyn]

I think it's 7% annual, haven't gotten any fine print yet ...

[Part-timer]

You can find all this info at their website.

http://www.alwarkabank.com/index2.html

G

[bkewl]

Thanks for the link - that's one I didn't have.

Well... I emailed my info to Al-Warka today. I didn't specify current or savings, I asked for an explanation of both. (This was prior to seeing the above link)

Let's see what happens.

[BRYAN]

Thanks for the link - that's one I didn't have.

Well... I emailed my info to Al-Warka today. I didn't specify current or savings, I asked for an explanation of both. (This was prior to seeing the above link)

Let's see what happens.
I sent mine today also around 10:30 am

[fsm75]

So the new concensus is that we needs savings accounts becuase they bear interest and accoring to the bank's web site current accounts dont bear interest? Also the question remains: how much interest? how do they bear interest? Annually or Monthly?

[Jeffrey]

I hope I am doing this right....my first time to post.

Here's the question. Lets say I open a Warka account, wire my money, have US dollar converted to Dinar. Then (whenever then will be) the Dinar opens at or climbs to a rate that I am happy with. How would I get the Dinar converted back to dollars and sent to me? I would assume I would have to call the bank and tell them that I wanted to do this...or do you guys think at some point we would be able to do this online?

This is probably an elementary question....but hey, if you dont know then you dont know, and I dont. :confused:

[Monty]

Hi Jeffrey,

Many people on this board already applied for account and waiting for response. I think we should be able to transfer back the money (Dinar to USD). I guess we will be paying conversion fees and wire transfer fees again for doing that.

Totally agree with Marilyn regarding bank account (Maximum profit and security, Minimum risk)


Monty :happy64:

[Jeffrey]

Thanks for replying Monty. Yes I agree....why pay the middle man when we can open an account and exchange the money ourselves.

I would also like to send a shout out to Ms Marylin.....I think she is "the bomb" and very friendly to boot.

I will be watching this board and will be opening my Iraq bank account very soon. :happy26:

[Part-timer]

would both accounts be IQD currency after wire transfer? If not, which would be IQD and which would be USD? Thanks!

G

[Marilyn]

"...The capital of the Bank was increased from 500,000,000 dinars (Five Hundred Million) to 1,000,000,000 dinars (One Billion) according to the decision reached by the General Assembly dated 15/7/2000 after obtaining the approval from the companies register office by it's letter Ref.30882in 14/10/2000 and the Central Bank of Iraq . The capital of the Bank has been increased by 150% after obtaining the agreement from the ministry of Trade and Central Bank of Iraq in the late 2003 to reach 2,500,000,000 dinars (Two Billion and Five Hundred Million).."


http://www.alwarkabank.com/index5.html

[Marilyn]

See info below on opening the Warka account...

[Marilyn]

Just the license, a sample signature, and the letter they recommended to write, authorizing the dollar to dinar conversion. You may want to include a cover letter indicating whether you want a current or savings account. The difference is described on the website.
That's it. It's not really an electronic signature, it's just a photocopy. Any other use is forgery. Here is more info on the bank:

http://www.alwarkabank.com/index.html

Regards :wave:

PS. Yes, Al Warka and Warka Bank are the same.

[BRYAN]

Just the license, a sample signature, and the letter they recommended to write, authorizing the dollar to dinar conversion. You may want to include a cover letter indicating whether you want a current or savings account. The difference is described on the website.
That's it. It's not really an electronic signature, it's just a photocopy. Any other use is forgery. Here is more info on the bank:

http://www.alwarkabank.com/index.html

Regards :wave:

PS. Yes, Al Warka and Warka Bank are the same.
Marilyn I sent my information yesterday morning, how long would I expect for a response ?

[Sk00L]

Ok I'm a bit new to this (bare with me) though i have purchased over a million dinars i am now interested in investing in Iraq's Market as well. Say upon opening an account (which was described so aptly in this thread thx all) with a bank (Warka) other then buying a bond/cd or directly trying to exchange funds, how would one go about finding a broker to invest via this bank account in some of companies listed on their exchange and actually buy stock in them? http://www.isx-iq.net/pdffile/isx-giude.pdf Has anyone done this or explored this? I apologies if this was explained in another topic or another thread i haven't had time to read all of this wonderful information yet. Anyway since so many of you have decent strategies in the topics I have read so far i'm sure someone here had the inside scoop on how to accomplish this, lol or a link to a thread i have not yet read. :happy26:

[Jared]

Once the dinar is on the open market and the banks are up and running fully you should be able to wire transfer to any bank in the world.

Jared :wave:

[Jared]

Ok I'm a bit new to this (bare with me) though i have purchased over a million dinars i am now interested in investing in Iraq's Market as well. Say upon opening an account (which was described so aptly in this thread thx all) with a bank (Warka) other then buying a bond or directly trying to exchange funds, how would one go about finding a broker to invest via this bank account in some of companies listed on their exchange? http://www.isx-iq.net/pdffile/isx-giude.pdf Has anyone done this or explored this? I apologies if this was explained in another topic or another thread i haven't had time to read all of this wonderful information yet. Anyway since so many of you have decent strategies in the topics I have read so far i'm sure someone here had the inside scoop on how to accomplish this, lol or a link to a thread i have not yet read. :happy26:

Warka does brokerage work as well. So you can have them purchase stocks for you! Just click on one of the Warka links in this thread and check out products/services, you will see they are also traders on the ISX.

Jared :wave:

[JHawk]

Well I'm off to fight San Diego traffic to find a Kinko's so I can scan my documents so I can open a Warka account. Wish me luck. I figure if I don't do it now I won't have the nerve to do it later.

[Northof48]

What's on a McArabia?

Sorry for the delay. Internet problems.

Its a ground chicken patty in a pita I believe. I never had one and its been some time since I have been in Mc Donalds.

[Northof48]

My daughter wanted to study in Alaska. She's an Environmental Science Major. Ended up at Southampton instead, a stark contrast :D .

Probably better off. The university of Alaska isnt the best in many areas.
Alaska is a great place. No state tax (yet). We have a big oil revenue reserve and we recieve a nice check every october. :shhh: And with only 600,000 people our vote really counts.