This thread is for those that would like to discuss investing in the Iraqi Dinar though Al-Warkaa bank.

Please feel free to ask any questions concerning
*Opening an account with Al-Warkaa
*Buying Iraqi T-bills and CD's
*Trading on the ISX

OK so how does one go about opening a bank acount in Iraq and investing in dinars?

I still dont think its a good investment, no matter what way you look at it. Iraq is collapsing towards civil war. Its not a good place to invest, unless you are getting no bid contracts from Bush.

On opening an account:
This post has step by step instruction on how to open an account at Warka. These are instructions on how to send your request via email. Warka will reply with new account information and instructions on how to fund your account.

You may opt to send these documents via a courier sevice, such as Fedex, if you choose. You may also include a prepaid return envelope or an email address in order for them to send you your new account information and instructions on how to fund your account.

Please understand that it is common for requests to be delayed for many reasons. Iraq frequently experiences problems with power and communication lines. Many have been succesful at opening accounts in a matter of days, while others have experience delays exteded over weeks.
It is recommended that you not repeatedly resubmit your information. Contact information is available on this thread if you feel the need to call them.


To open an account at Warka Bank you need:

1) Copy of Passport or Drivers License
2) A letter, as follows, authorizing Warka Bank to exchange USD to IQD on your behalf

I (insert your name) authorize Al-Warka Investment Bank to draw from my Dollar account ( current or saving ) in the above Bank and exchange the Dollar into Iraqi Dinar according to price fixed by the Central Bank of Iraq at that day , and then deposit it in my Iraqi Dinar account at the said bank

(Your Name)
(Your Address)
(Your Signature)

Here's how I sent the above to Warka Bank.

1) Scanned my Drivers Licence and saved as a jpg
2) Typed the above letter, printed it, signed it, scanned and saved as a jpg
3) Created and sent an email to: c.accounts@warkainvestmentbank.com
you may check bank's new website for new account contact person. http://www.warkainvestmentbank.com/contact_us.htm
Insert File - Drivers License jpg
Insert File - Autorization Letter jpg
Body of email contained the following:
Dear XXXXXX (Account Representative's name),

Please open a USD and IQD Savings Account with Warka Bank on my behalf. Attached are my Drivers License and Authorization Letter.

Thank You,

Note: There are many alternate methods for creating, scanning, and attaching documents to an email. The most popular are jpg and pdf.

If you follow the above you will not have any problems opening an account. Be patient as Warka Bank is swamped with requests. It took 4 calendar days for my account to be opened.

Current Account - no interest is applied to account
Savings Account - interest is applied

Both accounts can be used to purchase Iraqi Stocks when opened to foreign investors.

Need more info? Warka contact info
http://www.warkainvestmentbank.com/contact_us.htm
-------------------------------------------------------------------------
Info on the ISX:

Foreigners are not permitted to invest in the ISX until permission is granted by the Iraqi Securities Commission (ISC). Until then, Warka will receive your request and keep it on hold until foreigners can invest.

This is a template that you can use to place an order at Warka via email. It must be printed, signed, and scanned. You can send via Fedex or DHL, if you prefer.

You can change your order at anytime by simply sending them your new request to replace you old request. It is recommended you request a conformation via email that your changes were received.

Example
ATTENTION : Date
Miss R
IRD
Al - Warka Bank

I, [insert name] ____________________ Authorize Warka Bank to withdraw funds from my current Iraq Dinar Account #
For stock purchases of listed companies the same day That Foreign investors are permitted to purchase stocks on the ISX .

Stocks I wish to purchase when available for trade to the Foreign Public.
Each company listed below I want to buy 50,000 dinars worth of stock in each company.
1. stock # 10032 Kerbala Industries = 50,000 dinars
2. stock # 10028 Iraqi Petrochemicals = 50,000. dinars
3. stock # 31003 Ishtar Hotel = 50,000 dinars
4. stock # 31011 Baghdad for transports = 50,000 dinars
5. stock # 11008 Alkindi for Inoculations = 50,000
6. stock # 11017 Modern Paints = 50,000 dinars
7. stock # 11005 Chemical Products = 50,000 dinars
8. stock # 10020 North Soft drinks =50,000 dinars
9. stock # 11001 Baghdad soda = 50,000 dinars
10 . stock # 11025 Clothe Finished Products = 50,000 dinars
11. stock # 11004 Light Products = 50,000 dinars
12 stock # 10015 Almansoor for Medicine = 50,000 dinars

Total invested in dinars = 600,000 dinars

Each of the following companies listed below I want to purchase 75,000 dinars worth of stock for each company listed below .
1. stock # 40021 Alwarka Bank = 75,000 dinars
2. stock # 40002 Baghdad Bank = 75,000 dinars
3. stock # 20012 Certified Seeds = 75,000 dinars
4. stock # 31009 Baghdad Hotel = 75,000 dinars
5. stock # 31020 Transport Oil Products and ??? = 75,000 dinars

Total invested in dinars = 375,000 dinars

* Grand total of invested dinars = 975,000 dinars *

The balance of dinars please allow 2,000 dinars in the current account and the remaining dinars into the Savings Account #.

Thank you Miss R for your time and attention to the customer needs. Please send return statement with all the current balances for each account . If there are any problems or questions please contact me ASAP and I'll respond ASAP. Thank you again and I will be adding my wife onto the account after the exchange is open to foreigners .
Best regards,
Mr. [insert name]


****ISX information provider****
www.isx-data.com

--------------------------------------------------------------------------

Funding your account:

once the account is open
you can transfer your funds to our bank 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

Dresdner Bank AG
Swift Code: DRESDEFF
Jurgen – Ponto – Platz1
D- 60301 Frankfurt/ Main
Federal Republic of Germany
Our A/C No. in US Dollars../ 08-005-734-00-400

Commerz Bank
Swift Code: COBADEFF
6021 Frankfurt a m main, Germany
Our A/C No. in US Dollars../ 400875402000

Why invest in the dinar through an Iraqi bank account?

My theory is that when the dinar pegs there will be another currency recall.
In order to gain from the peg, you dinars need to be in Iraqi.
Also by having an account in Iraq, if you decide that you no longer want to invest in the dinar, you can easily transfer your dinar back in to dollars and cash out.