How to open an Iraqi Bank Account

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November 2006

NIQD DotCom

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Introduction In ,ctober &''-, the Centra .ank of Ira" authori/ed Ira"0s !ri#ate banks to !rocess internationa !ayments, remittances, and etters of credit. This decision fo ows other ste!s taken to moderni/e Ira"0s banking system, such as the aunching of foreign e1change auctions by the Centra .ank. Ira" is de#e o!ing a market-dri#en banking system, and the im!ortance of Ira"0s !ri#ate banks is e1!ected to grow significant y. 2any of Ira"0s !ri#ate banks are ed by high y "ua ified and e1!erienced bankers who ha#e !re#ious y worked at the Centra .ank of Ira" or stateowned banks such as 3asheed. 4nder Ira"i banking aw, !ri#ate banks may e ect to se a !ortion or a of their e"uity to domestic or foreign in#estors, !ro#iding these banks ha#e first recei#ed a!!ro#a from the Centra .ank of Ira". Current y, the on y !ri#ate bank which is best !ositioned to !ro#ide ser#ices to c ients abroad is the Warka Bank for Investment and Finance 5aka AlWarka Bank). It has been re!orted that a accounts at the Al-Warka Bank are insured by the 6ousing .ank of 7ordan. If this is correct, then this wou d im! y some additiona confidence for in#estors.

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Bank details The head office address of the Warka Investment Bank is * Al Warka Bank Head !""ice Building #$ Q%$&' (t )* Al Wihda district +,-!-Bo. /##% 0lwiya1 Baghdad' Iraq

2elephone num3ers 89(: ; <;<'&<; <;<:9<' <;<=::: <;<&=&= 4a. Num3er 89(: ; <;<9>>>

0 mail addresses There are se#era emai addresses 5see ater? - one for each ser#ice sector. The .ank e#en su!! ies an emai address for the .ank0s C@,. 2ost banking o!erations and ser#ices are conducted by emai for foreign c ients . We3 (ite http566www-warkainvestment3ank-com6contact7us-htm

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,rocedures The !rocedure is to o!en two accounts A one in 4BC and the other in Ira"i dinars. Ty!ica y both accounts wi be assigned the same account number. The account o!ening is done #ia emai to* c-accounts8warkainvestment3ank-com ) ow at east two or three days for a res!onse. ,nce your account has been o!ened and you ha#e recei#ed an account number, you wi be gi#en eight weeks in which to initia y de!osit funds. The minimum de!osit is 4BC >'. There is a choice of !ersona or Com!any account. There is a so a choice of Current account or a De!osit Ba#ings account. Dunds are sent to the 4BC account #ia a corres!onding bank in Eermany. The customer needs to authori/e transfer between his two interna accounts. The officia authori/ation for a future interna account transfers is made at the time of o!ening the accounts. Thereafter you just send an emai s!ecifying the amount of currency to mo#e between the two accounts. Note that it is current y i ega to e1!ort the new Ira"i dinar. The e1change rate between the interna accounts is the officia rate set dai y 5Bunday to Thursday inc usi#e? by the Centra .ank of Ira". The .ank wi re"uire detai s of your identi"ication' name y* co!y of your main Fass!ort !age 5or any officia document 5eg dri#ing icense?? s!ecimen signature du y attested fu !osta address sma !hotogra!h ) co!y of the main !age of your Fass!ort is idea since it a so contains signature and !hotogra!h. Bince you wi be sending this as an attachment in your emai , you wi first need to scan your Fass!ort !age, and then make a Gj!gH image of it.

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,rocedures +continued1 The aforementioned letter o" authori9ation 5to transfer funds between the two accounts? wi a so ha#e to be sent as a Gj!gH emai attachment. )fter you ha#e ty!ed your etter, you wi need to !rint it, sign it, scan it and create a Gj!gH image. )n e.ample letter o" authori9ation is as fo ows* I ----------------------------- authorize Warka Bank for Investment and Finance to draw from my Dollar account (current or savin ) in the a!ove Bank and e"chan e the Dollar into Ira#i Dinar accordin to $rice fi"ed !y the %entral Bank of Ira# at that day& and then de$osit it in my Ira#i Dinar account at the said !ank' Dor the o!ening of a Company account' you wi a so need to send copies o" Company :egistration papers. )gain, these wi need to be scanned and Gj!gH images created, and sent as emai attachments.

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In (ummary The !rocedure for o!ening the two accounts is actua y "uite straight forward, and it is a done by emai to* c-accounts8warkainvestment3ank-com $our emai needs to inc ude the two attachments A j!g image of your identification and j!g image of your etter of authori/ation for interna transfers between the two accounts. If you are o!ening a Com!any account you wi a so need to attach j!g images of the Com!any 3egistration !a!ers. $our emai shou d indicate the ty!e of accounts 5 !ersona + com!any + current + sa#ings?. It shou d a so gi#e your fu !osta address.

)n e.ample email is as fo ows* Dear (irs& Would you $lease o$en two )savin s) accounts for me * one in Ira#i dinars and the other in +( dollars, Both these accounts are )$ersonal) accounts, -he accounts should !e in the name of ) ------------ ), I am enclosin a .$ co$y of my /ass$ort (this also contains $hoto and si nature), I am also enclosin a .$ letter of authorization for the transfer of funds !etween the two accounts, 0y address is -------------------------------------------------------------------------------------------,'

) ow a few days for a res!onse.

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Interest :ates )t !resent, the fo owing the interest rates a!! y* De!osit Ba#ings account in 4BC, -.> I De!osit Ba#ings account in Ira"i Dinars, ( I The interest is ca cu ated on the owest account ba ance for a gi#en month.

There is no interest on Current accounts.

Bank Charges In the emai from the .ank, containing your new account numbers, detai s of .ank charges wi be enc osed. Dee for o!ening 4BC account is current y 4BC &. Dee for o!ening dinar account is current y &''' dinars.

Bank;s 0mail Addresses The .ank wi send you a com!rehensi#e ist of their emai addresses, one for each ser#ice sector. The fo owing are just a few* infoJwarkain#estmentbank.com Information about Karka .ank. c.accountsJwarkain#estmentbank.com Customer account detai s c.ser#icesJwarkain#estmentbank.com Customer Ber#ices in"uiries cbrJwarkain#estmentbank.com Corres!onding .anking In"uiries is1Jwarkain#estmentbank.com IBL stock !urchases and in"uiries

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2rans"er o" 4unds ,nce the account is o!ened you can then wire transfer your funds to your 4BC account at the Karka .ank, #ia one of Karka .ank0s corres!onding banks in Eermany. ie. Karka .ank has a 4BC account with two banks in Eermany. Bo you wire funds to one of these accounts, but with special instructions that the monies should then 3e "orwarded to your new <(= account in Iraq. $ou then emai Karka .ank to ad#ise them that funds ha#e been sent. They may take at east one week to res!ond. cbrJwarkain#estmentbank.com c.accountsJwarkain#estmentbank.com Note that the weekend in Ira" was recent y changed from Thursday+Driday to Driday+Baturday. Current y the two corres!onding banks in Eermany are* either Dresdner .ank )E 5Bwift Code* D3@BD@DD? 7uergen Fonto F at/; D- ('-'; Drankfurt am 2ain, Dedera 3e!ub ic of Eermany )ccount name* Karka .ank for In#estment and Dinance Karka )+C No. in 4B Do ars..+ '=-''>-<-:-''-:'' or Commer/.ank 5Bwift Code* C,.)D@DD? ('-&; Drankfurt am 2ain, Dedera 3e!ub ic of Eermany )ccount name* Karka .ank for In#estment and Dinance Karka )+C No. in 4B Do ars..+ :''=<>:'&''' )s mentioned, your wire shou d contain special instructions such as *-o !e $aid for ,,,,,your name ,,,,,& A1% 2o ,,,,,your new US$ account ,,,,,& Warka Bank for Investment and Finance * main !ranch' -9 ___________________________________________________________________

___________________________________________________________________ I(> The Ira" Btock @1change 5IBL, and forma y known as the .aghdad Btock @1change?, has current y been o!en to a Ira"i citi/ens since 7une &'':. ) though there is an in#estment aw that says foreigners can buy Ira"i com!anies, the Ira"i Becurities Commission has thus far not issued ru es whereby foreigners can in#est in the Ira" Btock @1change. ie a though the foreign in#estment aw has been !assed it has not yet been im! emented or made o!erati#e. This is eager y awaited by some !eo! e. In Be!tember &''>, the Ira" Btock @1change joined the Internationa Dederation of Btock @1changes as a !ermanent member 5of the @uro-)sian Btock @1changes?. Bince foreigners are current y not a owed to !urchase stocks on the IBL, stock !urchase must be done through a !ro1y. The Al Warka Bank is a registered I(> 3roker and owns a !ro1y com!any 5the Warka ,ro.y Company?. To in#est in the IBL #ia !ro1y, ) -Karka .ank need a signed authori/ing etter which !ermits their bank to withdraw from your dinar account and to !urchase stocks from the IBL de!ending on the s!ecific ist of stocks that wi be submitted by you. Btocks wi be transferred to your name once+if the aw is officia y im! emented A the issue of ha#ing to make a !ersona a!!earance to make the transfer is sti unc ear. The IBL wi charge &I for transferring it to your name. ) ternati#e y, you can send Karka .ank an authori/ed pre stock order- This re"uest wi be ke!t on ho d unti the iBL o!ens to foreigners. )n e1am! e such authori/ation is as fo ows 5 as usua , you wi need to !rint it, sign it, scan it and send as an emai attachment? * I & ,,,,your name ,,, & authorize Warka Bank to withdraw funds from my Ira#i dinar account ,,,,,,,, for stock $urchase of listed com$anies on the same day when& and only when& forei n investors are le ally $ermitted to $urchase stocks in their own name on the I(3 stock e"chan e& accordin to the itemised list !elow, 4n this day& these stocks shall !e in my name,I would like to $urchase the followin shares when availa!le for trade !y forei n investors5 6, Bank of Ba hdad (78999:) 699&999 dinars :, Al-Warka Bank (7899:6) :;9&999 dinars <, Ira#i /etrochemicals (7699:=) ;99&999 dinars 8, >er!ala Industrials (7699<:) 6;9&999 dinars ?rand total to !e invested @ 6&999&999 dinars ( 6 million dinars) /lease confirm Aours truly ,,,,,,,,,,, - ;' 77777777777777777777777777777777777777777777777777777777777777777777777777777777

7777777777777777777777777777777777777777777777777777777777777777777777777777777 I(> +continued1 0mail5 is.8warkainvestment3ank-com

We3sites* ,fficia Ira" Btock @1change home!age www.is1-i".net Quotes, news and ana ysis for the Ira" Btock @1change www.is1-data.com

0conomy Kith regards to economy, the oi industry dominates Ira"0s economy, traditiona y accounting for near y 9>I of the country0s re#enues. ,i is !roduced main y by the Ira" Nationa ,i Com!any 5IN,C?. )side from !etro eum !roduction and refining, Ira" has a sma , di#ersified industria sector, inc uding the !roduction of chemica s, te1ti es, cement, food !roducts, construction materia s, eather goods, and machinery. There are a few industries that ha#e been started in e ectronics !roducts, ferti i/ers, and refined sugar. )gricu tura !roduction does not meet the country0s needs in many as!ects. Ira"0s chief cro!s inc ude cotton, wheat, bar ey, rice, #egetab es, and dates 5Ira" is one of the wor d0s argest date !roducers and e1!orters?. Catt e and shee! are a so raised.

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