Starting New Warka Accounts

[BRYAN]

HI EVERYONE . I SENT THE DOCUMENTS THAT WARKA ASKED FOR .- -
1. COPY OF PASSPORT OR DRIVERS LICIENSE .
2. STATEMENT OF AUTHORITY GIVING WARKA BANK TO BUY IRAQ DINARS AND PUT INTO AN ACCOUNT IN THEIR BANK
3. SCANED IT TO MY COMPUTER AND SENT VIA E-MAIL
4. I WILL WAIT FOR THE FORMS TO COMPLETE AND SEND BACK WITH THE WIRE TRANSFER FROM MY BANK .
5. THIS WILL OPEN 2 ACCOUNTS 1 IN US DOLLARS & 1 IN IRAQ DINARS .
6. WARKA WILL CONTACT ME VIA E-MAIL WHEN I CAN BUT IRAQ STOCKS

[danpeg]

Bryan please try to unlock the caps :) Thanks.

[Sk00L]

So How Did It Go Bryan?? Did Everything Work Out?? Any News Or Updates??

[heather]

What did you write in your statement for the bank to transfer dollars to dinar for you?

[Jared]

All of that work may be rather moot since foreigners cannot invest in the ISX yet. If the dinars market valuation comes out before they allow outside investers in, then you will not be getting cheap shares, you will be paying a great deal of money for what you want to buy. For instance, BSD at 27.5 dinars would cost you about $.05/share, but if the dinar comes out at .31 then you will pay $8.52/share. I was pumped about getting an account until I saw what all was needed, then found out foreigners can't invest yet, then the possible market release of the dinar. I think I'm just going to stick to my dinar investment.

Jared

[minigirl]

All of that work may be rather moot since foreigners cannot invest in the ISX yet. If the dinars market valuation comes out before they allow outside investers in, then you will not be getting cheap shares, you will be paying a great deal of money for what you want to buy. For instance, BSD at 27.5 dinars would cost you about $.05/share, but if the dinar comes out at .31 then you will pay $8.52/share. I was pumped about getting an account until I saw what all was needed, then found out foreigners can't invest yet, then the possible market release of the dinar. I think I'm just going to stick to my dinar investment.

Jared

True true Jared, but like Marilyn posted somewheres - wouldn't the wire transfer and exchange to dinar be better in alot of ways anyway?

no inflated price from middle man

no shipping and possible shipping problems

earn interest on the money deposited

safer than under the mattress

on the off chance we can trade soon enough to be profitable, no scrambling to set something up since the advent of online trading could be further off

anyone else have an opinion on this? Marilyn and I were chatting earlier today and I'm now more convinced on no more paper dinar - deposit/conversion to Warka, et al only.

I still have the paper dinar here - so I'd have both bases covered. JMHO! :)

Jacquie

[RogerL]

For instance, BSD at 27.5 dinars would cost you about $.05/share, but if the dinar comes out at .31 then you will pay $8.52/share. Jared

I don't actually see the downside of this. If, for some reason they don't allow foreign buyers until the dinar exchange rate is set at $.31, what's the problem? You already have an account set up in Iraqi dinars. Say you had a couple million dinar in that account all ready to buy Baghdad Pop, for instance. So don't bother buying any ISX stocks. Just convert that money to dollars and pocket your $600,000 after wire transferring the funds back to the United States. I think I could suffer that lost opportunity there. :)

[Mike101]

Hi

Does anyone else think it's odd that a bank uses a hotmail address, even though other banks (such as Alwarka) have real email address's.
Also Warka say's it can handle ISX transations but it is not listed on the authorised brokers list on the ISX website.
I'm very new to this and still learning, I want to open an account in Iraq to trade on the ISX. But these things strike me as odd. Any advice would be greatly appreachiated.

[eddie]

from an earlier thread (can't find the link right now) but the majority of banks that have been ok'd for dealings in iraq all have yahoo accounts, etc. Alot of us wondered about the same thing.....

[bkewl]

The broker list doesn't appear to be a complete list... but I'm not sure.

Al-Warka bank is being traded on the ISX

ISX List

[Mike101]

Warka bank and Alwarka bank are two different banks?
Can someone please clarify?

[JHawk]

Mike101, al-Warka Bank is the one listed on the old CPA website. If you are going to use one, I'd say use al-Warka. I don't know what the other one is

[Rick]

I may be wrong, but I think they're the same bank, Al-Warkaa has the same email address as listed on CPA's website for Warka Bank and Warka Bank isn't listed CBI's list of banks in Iraq
http://www.cbiraq.org/cbs4.htm

[IQDFiend]

They are the same bank folks...

Roughly translated, al is simply "the" in Arabic.

Check out Al-Warka's website and see that yes, they in fact are the same bank.

Their mailing address, listed here:

http://www.alwarkabank.com/index6.html

Is the same one that warka@hotmail.com sent me in my conversations with them.

[Marilyn]

:rolleye03

You're absolutely right, they are the same bank. They have two email addresses. The one we're using @hotmail is for the International Relations Department. The other one is an overseas addy and no one's gotten a response from it yet.

I should have my Warka account by the end of the week...

[BRYAN]

Bryan please try to unlock the caps :) Thanks.

Ok I will try to comply .

[BRYAN]

What did you write in your statement for the bank to transfer dollars to dinar for you?

Yes . I wrote the same statement that was written from the e-mail from Warka Bank .

[BRYAN]

So How Did It Go Bryan?? Did Everything Work Out?? Any News Or Updates??

No news yet , but as soon as I find out I'll be sure to show everyone the path I took !!!

[fsm75]

Where is the U.S. Document that says it is now legal for US citizens to invest in Iraq?

[IQDFiend]

Here is the actual Executive Order:

(will replace when I can find it...)

And here is a brief synopsis of the legal framework in Iraq for investing, etc...

http://www.coudert.com/publications/...qInvest_cb.pdf