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  1. #1
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    Al-Karmal Broker

    I have been a long-time purchase and hold investor in the ISX. When I first invested in the ISX, i bought through the Warka proxy. Later, I got my own ISX account number and transferred all Warka proxy shares to Al-Karmal so the stock I owned was in my own name. I have often given my opinion about Al-Karmal in this forum since I deal with his company frequently and long-term. Recently, I chose to sell some of my shares. So, following up with my experience with Al-Karmal relative to selling shares, I would like to say that it has been a very good experience. He updated my portfolio when requested; sold the shares requested a day after I submitted the sell orders; and now is being very helpful in getting the funds wired from my account in Germany to my USA account. Again, my experience with Al-Karmal has been a good one.

  2. #2
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    Quote Originally Posted by Scott Gonzales View Post
    I have been a long-time purchase and hold investor in the ISX. When I first invested in the ISX, i bought through the Warka proxy. Later, I got my own ISX account number and transferred all Warka proxy shares to Al-Karmal so the stock I owned was in my own name. I have often given my opinion about Al-Karmal in this forum since I deal with his company frequently and long-term. Recently, I chose to sell some of my shares. So, following up with my experience with Al-Karmal relative to selling shares, I would like to say that it has been a very good experience. He updated my portfolio when requested; sold the shares requested a day after I submitted the sell orders; and now is being very helpful in getting the funds wired from my account in Germany to my USA account. Again, my experience with Al-Karmal has been a good one.
    10 Foot Pole ---------------------------------------------------------------> Not Me

  3. #3
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    Scott, thanks for sharing. What's the minimum investment amount for al-Karmal?
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  4. #4
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    Quote Originally Posted by dinar_dude View Post
    Scott, thanks for sharing. What's the minimum investment amount for al-Karmal?
    Sorry, I don't know. I got in before a minimum was an issue.

  5. #5
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    Update: I ran into a problem having money wired from Karmal to my bank in the US. Finally worked it all out with successful wire today. Problem was with the SWIFT code used by my bank. I was under the impression that SWIFT would work on an international stage similar to the way Routing Numbers work here in the US. Using identifiers are similar to the two systems, yet on the International level, some of the smaller banks in the US are not recognized by the larger European banks. I opened a checking account with Bank of America, used their SWIFT code and Karmal's bank was able to complete the transfer in one day. Karmal's bank was using the correct SWIFT code for my bank, but the wire was being rejected with that SWIFT code. So, you may want to maintain a checking account with one of the larger US banks if you are going to wire money back and forth to Al-Karmal. This ends up being important to me since I plan to put money back into the ISX when it shows some life in the future. It will be nice to transfer money one day, purchase the next day, while others are trying to figure out how to get into the ISX. My advice to a newbie investor would be to at least get your broker, set up your account with the ISX, and make sure your bank communicates efficiently with your broker's bank. Don't feel like you need to make large investments right away. As long as you have the correct setup, you will be able to take advantage of the ISX in the future if that market grows rapidly.

  6. #6
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    Thanks for the info, Scott.
    I contacted al-Kamal through their inquiry form on their website, but still have not heard back from them. Sounds like you have much better dialogue with them as an established client.
    I also reached out to al-Jazeera brokerage via email, and they are very responsive (next day replies) and helpful, use clearly written English with easy to follow instructions.

    I'm waiting around for better news on Warka, but will likely transfer my service to them if they actually go under. Either way, good luck to us all.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  7. #7
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    d.d., Were you able to find out the minimum fee to switch your Warka ISX to either of these brokers? I recall it was a hefty fee 4 or 5 years ago. Thanks.
    The POTUS, Barack Hussein Obama, (aka Barry Soetoro) continues to prove that he is now the MOTUS - Marxist of the USA with much more collateral damage yet to come.

  8. #8
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    I'm not sure of the minimum for Karmal - Al-Jazeera's was $10k. It's a little steep, but the feeling of confidence and responsiveness I got from Al-Jazeera might make it worth the expense. The account with Al-Jazeera must be opened with an initial $10k fee, but once you provide them with the initial $10k, they transfer your account from Warka, I think they will transfer the $10k back. I would be sure to confirm this with them, though.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  9. #9
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    I am not real interested in sending more cash and my PII info over there again. My hope is if Warka finalizes their bank failure and the shielded (in theory) 'warka brokerage' firm will either be bought out by another brokerage or at a minimum associate itself with an operating bank. Either way I wonder, actually I doubt, I will ever see shares warka has in proxy for me. The Basta...rds. I knew early on in 2009 they were having problems with cash flow when they refused to switch shares from proxy to my good name. I accept Seaview's apology for knocking me back then when I started to raise my concern in regard to Warka's health. And yes, I was one of, if not the first one on here to provide warnings that warka was starting to show weakness. And here we are 5 years later waiting on funds we will never see. Hope I am wrong but have a bad habit of being right most of the time. All IMHGO of course.
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

  10. #10
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    Scott, does this mean you won't be updating Iraqi StockX website any longer? It's been very useful for me.

    Quote Originally Posted by Scott Gonzales View Post
    Update: I ran into a problem having money wired from Karmal to my bank in the US. Finally worked it all out with successful wire today. Problem was with the SWIFT code used by my bank. I was under the impression that SWIFT would work on an international stage similar to the way Routing Numbers work here in the US. Using identifiers are similar to the two systems, yet on the International level, some of the smaller banks in the US are not recognized by the larger European banks. I opened a checking account with Bank of America, used their SWIFT code and Karmal's bank was able to complete the transfer in one day. Karmal's bank was using the correct SWIFT code for my bank, but the wire was being rejected with that SWIFT code. So, you may want to maintain a checking account with one of the larger US banks if you are going to wire money back and forth to Al-Karmal. This ends up being important to me since I plan to put money back into the ISX when it shows some life in the future. It will be nice to transfer money one day, purchase the next day, while others are trying to figure out how to get into the ISX. My advice to a newbie investor would be to at least get your broker, set up your account with the ISX, and make sure your bank communicates efficiently with your broker's bank. Don't feel like you need to make large investments right away. As long as you have the correct setup, you will be able to take advantage of the ISX in the future if that market grows rapidly.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

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