This is where the New Iraq Dinar BIBLE is being written minute-by-minute. There are folks here that have over 100 million Dinar a piece, so of course we all want it to succeed and also to maximize its potential return, so we may truly call it an “investment”. We spent hours emailing and calling banks in and around Iraq for the purpose of buying Dinar at the rate set by the CBI (Central Bank of Iraq), rather than paying the inflated eBay prices. Only one response was received and that was from Al-Warka Investment Bank. Since we have opened accounts, this bank has been outperforming even the largest banks in Iraq (see):
Iraqi Bonds
****BANK ACCOUNT INFO.
To open a bank account, you need a photo ID (with your address and signature) and also to form a letter (see below) requesting that an account be opened for you. 1)You need to type the letter. 2) Print it out. 3) Sign it. 4) Scan and save as a jpeg. 5) Scan and save ID as jpeg. Once this is done, attach them to an email and send to these addresses with a subject like “Please open new account”:
**For any documents to open an account, send your e-mails to Mrs. Mena Sabah and copy Mr. Issa:
To Mrs. Mena Sabah
c.accounts@warkainvestmentbank.com
Cc Mr. Issa:
ifrd@warkainvestmentbank.com **
Example of LETTER :
I, Xxxx X. Xxxxxxxx, authorize Al-Warka Investment Bank to draw from my U.S. Dollar account (current or savings) in the above Bank (Al-Warka Investment) and exchange the U.S. Dollar into Iraq Dinar according to the price fixed by the Central Bank of Iraq at that day, and deposit it into my Iraqi Dinar account at the said bank.
Xxxx X. Xxxxx (name & address typed) ***and after you print-out, sign, then scan and send.***
123 Maple Lane
Hooterville, Virginia. 329XX
FYI **This letter does NOT allow them to access any of your current U.S. or other Countries bank accounts!
This letter only authorizes them to withdraw USD you send to them, exchange to Dinar and deposit it into YOUR Dinar account with them! It actually combines steps and saves time from you having to get your account numbers, fund your account, and then send an authorization for them to buy for you.
IF the Dinar ever increases in value and you want to cash some out or maybe you need some of your deposit back, you will have to send again your photo ID (matching your original), signed authorization stating you would like to withdraw funds and then you would need to provide routing #’s to your bank. I would recommend setting-up a separate account at your bank for receiving wires and then removing the money as soon as it hits to other accounts you may have for your normal banking business!
For any question or information you need to ask about, send your e-mails to :
Info@warkainvestmentbank.com
For any requests for services like exchanging , bank statements, stocks ,etc., send your e-mails to :
c.services@warkainvestmentbank.com
For any information concerning Iraq Stock Exchange e-mail:
isx@warkainvestmentbank.com
With everyone sending emails w/files attached, it eats up a lot of space on the other end and responses were averaging 8-20 days in July of 2004 when I set-up my account…Patience is a virtue here!!! OR You may now send a request by mail: Below are two emails re: sending documentation via FedEx.
I also asked USPS and they do mail to Iraq (Priority International)
Some might prefer mailing documentation rather than using email.
Subject: Dear Mr. XXX X.XXXX,
Date: Wed, 01 Dec 2004 18:38:47 +0000
Dear Mr. ----- X. -------,
I’m so sorry for the delay .
We do accept mails from FedEx you can send your documents to our bank
address ( just write Attn Miss Randda B. AlShakir ) :
Head Office
Baghdad – Iraq
Hay Alwihda – Sec. 902 – 14th St.
P.O. Box : 3559 Elwiya
Best regards and have a nice day .
Randda
WIB
The best time to send is on a Tuesday or Wednesday at about 11:30p.m. EST, as Iraq is 8 hours ahead of the U.S. your email will arrive during their business hours. Their weekend days are also different from ours (Friday-Saturday, rather than Saturday and Sunday). You will receive a response with your account numbers, one for USD and one for Iraq Dinar. She will also send info. on how to wire funds from your bank. Currently, you must use an intermediary bank (99% of us have used Housing Bank for Trade & Finance (Amman, Jordan). Their (Housing bank) fee is $38.11 USD to handle the transaction. They will email you when your money is received and let you know your balances. It is FREE to open an account with Warka and it will remain open for 6-months with NO $$ in it, so you will have some time to research more if you desire. The USD account will earn 3% interest and the Dinar account is currently 6%. Therefore, on 1,000,000 Dinar, you earn 60,000 Dinar a year (compounding)!!! Imagine if it gets to a good rate, just have the interest converted and wired back every couple months The current exchange rate can be monitored at many sites, I gave you one previously, here are some more as well as some general info. links:
U.S. Dollar to Iraqi Dinar Exchange Rate - Yahoo! Finance
XE.com - Universal Currency Converter
iraqi dinar value | will the iraqi dinar go up soon
http://japan.usembassy.gov/e/p/tp-20031024a8.html
Treasury Reporting Rates of Exchange
****STOCK MARKET INFO.
Once your accounts are funded and Dinar converted, you can send Randda your picks for the ISX (Iraq Stock Exchange) if you wish to participate. It is not open to foreign investors at this time; but you are beating the rush as your picks will already be in the hands of a Warka trader the day it opens!!! Your Dinar remains in your account until then earning that interest. Also, just pennies will keep your USD account open as there are not fees being taken at this time like a U.S. Bank!!! A stock request letter would be formed (see below) and again print-out, add signature, and scan/attach to email:
ATTENTION : Date 9-26-04
Miss Randda B. Al-Shakir
IRD (International Relations Department)
Al-Warka Bank
I, ****** ____________________ 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 are as follows:
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 # 11001 Baghdad soda = 50,000 dinars
9. stock # 11025 Clothe Finished Products = 50,000 dinars
10. stock # 11004 Light Products = 50,000 dinars
11. stock # 10015 Almansoor for Medicine = 50,000 dinars
Total invested in dinars = 550,000 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 # 40002 Baghdad Bank = 75,000 dinars
2. stock # 20012 Certified Seeds = 75,000 dinars
3. stock # 31009 Baghdad Hotel = 75,000 dinars
4. stock # 31020 Transport Oil Products and ??? = 75,000 dinars
Total invested in dinars = 300,000 dinars
* Grand total of invested dinars = 850,000 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 Randda 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.
Best regards,
Mr. ******
As not to bump this thread here is more info on the Iraq situation.
http://www.defenselink.mil/pubs/pdfs...t-20061216.pdf