How To Purchase ISX Stocks Through Warka Investment Bank
Last updated: 03/24/2010
[NOTE: Warka was the trend-setter but it is now not the only bank/broker in Iraq willing to do business with foreigners, I cannot provide you with broker requirements from other brokers as I don't do business with them. But please don't let that stop you from checking out the competition and doing your own due diligence. You may be interested in brokers like Al-Karmal LTD. or any broker found at the official ISX site ISX-Iq.net, simply contact those brokers and follow their required procedures.]
For information on selling ISX stock go to: How To Sell ISX Stocks Through Warka Investment Bank
---> If this is your first time trying to purchase ISX stocks, you will first need to follow the embassy certification procedures at the following link InvestorsIraq.com otherwise you will not be able to buy ISX stocks through your broker.
The requirements will include the following documents certified by the Iraqi Embassy or Iraqi Consulate in your country.
1) Your passport colored photo Copy and government/state ID colored photo Copy.
2) Your full address and contact details.
3) Three sample copies of your signature for verification.
The documents must bear the Iraqi Embassy seal and are to be sent to your broker's mailing address where it will be submitted to the ISX for verification and approval.
Warka Bank as your broker will handle your stock transactions through your Warka Bank account. To keep up to date about ISX company stocks (paid up/free capital shares) please visit the news section at Warka-Bank.com
Starting November 1, 2009 trading days on the ISX will be Sunday to Thursday, the market will be closed Fridays. The pre-session period will start at 9:30 am Iraqi time, the main trading session will be two hours from 10 am to 12 pm Iraqi time. So make sure that you send your stock purchase requests a day before the ISX trading hours. Also you will mostly only get part of your requests purchased and you will need to resubmit a new request to complete any previous stocks/shares that they weren't able to completely purchase. You must resubmit your purchase requests every time as they will not automatically do it for you. Currently there is a minimum purchase requirement of 200,000 shares per company stock. In order to buy there must be equal sellers otherwise your order may not go through or be completely filled.
It may take about a week or more to get confirmation on the status of your ISX request. If your request was executed a confirmation email should include an attached Excel spreadsheet detailing exactly what was executed.
---> To easily keep track of your purchases and your stock profits or losses download the attached Zip file “ISX Stock Profit or Loss” at the bottom of this post. It includes an Excel file with self updating graphs that are only compatible with MS Office 2000 or higher versions. You can still use it with other Office versions or software, just simply delete the graphical boxes by clicking on their edges and pressing delete.
To use the “ISX Stock Profit or Loss” Excel spreadsheet simply fill in the orange/input columns accordingly with your stock info and the rest will be done for you. If you do not have MS Office software, you will need to download the free OpenOffice software that will allow you to view Excel spreadsheets, go to www.OpenOffice.org.
---> There's two types of forms that you may be able to use, the "ISX Proxy Purchase Request Form" if you are already an ISX investor, or the "Non-Proxy Purchase Request Form" for new and current ISX investors who have been certified. Please keep in mind that the "Non-Proxy Purchase Request Form" can only be used once you have submitted the required ISX foreign investor embassy certification document(s) and have been approved. So as stated earlier you will need to follow the embassy certification procedures at the following link InvestorsIraq.com.
Download the appropriate ISX Proxy or ISX Non-Proxy purchase request form attached at the bottom of this post. Print it, fill it, sign it, scan it and save it as a PDF file. If you don't have a scanner, please go to your nearest copy/printing shop and they can help you save it onto a disk. Now send the PDF attached with your ISX purchase eMail request to: ISX@Warka-Bank-IQ.com
Here’s an example eMail for an ISX Purchase request:
Hello,
Please note that attached to this eMail is an ISX purchase authorization PDF form to be executed.
Thank you,
> Below is an example of how the ISX Purchase forms are used (only pick the companies/sectors that you really want):
I, __(Your Name)__ authorize Warka Investment Bank to withdraw approximately __(2,200,000)__ Dinars from my IQD Savings Account #__________ to purchase stocks in the following manner. Stocks are to be held by Warka Investment Bank in trust until it is legal for shares to be transferred into the name of __(Your Name)__ or until such time as __(Your Name)__ shall instruct Warka Investment Bank to sell said shares on the Iraq Stock Exchange. It is understood between the parties that Warka Investment Bank shall receive 2% in the form of commission at the time when shares are transferred into the name of __(Your Name)__. The following ISX stock purchases are to be executed for the trading day of __(Date)__.
Purchase __(100,000)__ Dinars worth of stock in each of the companies below:
• Banking Sector:
1) AL-WARKA'A INVESTMENT BANK
2) BABYLON BANK
3) BANK OF BAGHDAD
4) INVESTMENT BANK OF IRAQ
5) IRAQI ISLAMIC BANK
6) IRAQI MIDDLE EAST INVESTMENT BANK
7) NATIONAL / CIVILIAN BANK OF IRAQ
Purchase __(200,000)__ Dinars worth of stock in each of the companies below:
• Investment Sector:
8) AL-WIAAM FOR FINANCIAL INVESTMENT
9) AL-ZAWRAA FOR FINANICAL INVESTMENT
Purchase __(100,000)__ Dinars worth of stock in each of the companies below:
• Services Sector:
10) AL-AMEEN ESTATE INVESTMENT
11) AL-NUKHBA FOR CONSTRUCTION
12) MAMOURA REAL ESTATE INVESTMENT
• Industry Sector:
13) BAGHDAD SOFT DRINKS
14) EASTERN BREWERY
15) MESSAN FOR FOOD INDUSTRIES
16) METALLIC INDUSTRIES AND BICYCLES
17) MODERN PAINT INDUSTRIES
18) NATIONAL CHEMICAL INDUSTRIES
19) NINEVEH FOR FOOD INDUSTRIES
20) NORTH SOFT DRINKS
Total Dinars invested in _20_ stocks = __(2,200,000)__ Dinars.
Parties in full agreement, signed below.
_____________(Your Name)_____________ Date_____________
Legal Account Owner & Investor
_____________________________________ Date_____________
Warka Investment Bank Representative
__________________________________________________ ________________________
NOTE: Stocks you purchase might be held under the name of Warka Investment Bank's ISX proxy company. If you have submitted the ISX foreign investor embassy certification document(s), Warka will begin the process of purchasing/placing your stocks/shares under your name. If you are already an ISX investor you can keep your stocks under the name of Warka Investment Bank's ISX proxy company, until you are told otherwise by Warka Investment Bank. But you should consider beginning the embassy certification process now instead of later. Holding your shares by a proxy is a common safe practice in various stock markets throughout the world. You can contact ISX@Warka-Bank-IQ.com regarding any personal and important ISX issues.
ISX Tips
One of things to keep in mind is not to over analyze this investment and make it too complex.
• Keep it simple and track the things that matter to you.
• Keep note of the highest price amount you paid for your stock against it's current closing price, and make that the deciding factor if you will profit or lose with your stock, if you were to sell it.
• Hold on to the stock until you see the type of profits that are to your liking. Sell fully or partially only when good profits can be reached.
• Do some research on what stocks may likely be more profitable in the future, if possible check a companies historical rises/downfalls, and possible financial outcome. Banks are usually a good stock investment along with a few other crucial industries.
• Try not to make selling/buying decisions on impulse or necessarily on what you may hear in the media.
None of the above is to be taken as financial or legal advice... - AAD
____________________________Important_____________ ________________
Whenever eMailing Warka Investment Bank for whatever important issue, do it around their business hours and preferably in the morning 8-11am Sun-Thurs Iraqi time. Never send them more than one email per day, just be patient for a response. Sometimes Warka Investment Bank may be very busy and what should normally take a few days, can take a week or more. If you also factor in any holidays in Iraq (and Germany if wiring funds) those can also delay the response process. Please don't drown them with eMails because this in the end will affect everyone's response time. Remember for common questions/tips you can always simply ask them here at the forum instead of eMailing Warka with non crucial questions. You can check the current Baghdad time before eMailing them: www.timeanddate.com/worldclock/city.html?n=27
Contacting Warka Investment Bank
Below are the contact details of the related departments at Warka's Main Iraqi Branch that will handle your specific requirements and inquiries. Please direct your emails directly to the related department where a full response should be provided within 3 business days. Inquiries/emails directed to the wrong department will be automatically disregarded; emails sent over the weekend (Friday & Saturday Iraqi time) or on Iraqi holidays will also be disregarded.
The contact details below are only for clients holding or wishing to hold accounts at the Main Branch.
For any information concerning opening CDs, wire transfer confirmations for clients whom do not have online access, exchanging funds for clients whom do not have online access, bank account statements, please contact: C.Services@Warka-Bank-IQ.com
For any information concerning International Affairs and Corresponding Banking Relations, please contact Mr. I. at: IFRD@Warka-Bank-IQ.com
Official Warka Investment Bank Website
I wish you the best of luck and prosperity...
((Read!)) How To Purchase ISX Stocks Through Warka Investment Bank...
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Originally Posted by DrHow2
Plan B it is
You saved me some time already.
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