Warka Bank recently set up an online banking system which helped increase operating revenues by 9 percent to IQD29 billions in the first quarter of 2009. Operating revenues represent 98% of total revenues, which increased by 6 percent during the first quarter.
Warka Bank is also the first bank in Iraq to implement foreign investment legislation, allowing foreign investors to purchase Iraq stock. The bank now has 10,000 international clients, some of which are also purchasing stock. International investments were also an important driver to the company’s financial growth.
Growth strategy is based on both expanding portfolio of products and services and geographic expansion. Warka is importing 15 thousand POS machines that will be implemented wherever needed throughout the country, in shops, plazas, fuel stations or ministries.
Warka’s expansion strategy is focused on those areas with large construction projects, grants and other funding. These areas offer the biggest opportunities for rapid business growth. In order to keep well informed, the company communicates intensively with branch and area managers.
Warka bank has plans to go international, opening up a branch in Beirut and bank offices in Egypt, Jordan, Turkey and Dubai.
Warka Bank’s expansion has been boosted by the bank’s large presence throughout the country and the responsiveness to evolving market needs. Company representatives believe that one of the success factors is also the fact that they are very independent. Warka Bank is a family-owned company run by one of the richest men in Iraq, Saad S. Al-Bunnia, and the large inflow of capital has allowed the company to refuse all offers from other banks.
The international partnerships are an important step towards the development of the Iraqi banking system and the reintegration within the world’s financial network. The CEO of Warka Bank stated that the company plans to contribute to the overall reconstruction of Iraq as an important financier in many sectors such as water, power, construction and communication.
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This article may be reprinted online and offline as long
as this box remains and hyperlinked online. Written by
Darren Chabluk for http://DrDinar.com/blog
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THIS SOUNDS GREAT ABOUT THE WARKA BANK, I HOPE THAT THIS
WILL GET THE REVAULATION OF THE IRAQ DINAR. ESPECIALLY FOR
THE PEOPLE YOU HAVE INVESTED IN THE DINARS!!!!!!!!
Yep sure sounds good, but nothing will happen to the Revaluation of the iraq dinar, not until the sanctions are lifted.
The fact that the bank is going to contribute to the reconstruction of Iraq says it all. Their willingness to play ball with the big boys in the world’s financial network will sure make them one of the strongest banks in the Middle East. I hope they are going to open branch offices in the U.S. particularly in Houston and or New York City.
S T R A T F O R
G L O B A L I N T E L L I G E N C E
Iraq: Russian Energy Minister To Visit In August
July 31, 2009
Russia’s energy minister Sergei Shmatko said July 31 he will visit Iraq in the first half of August to discuss oil and energy cooperation, focusing primarily on Russia’s participation in the development of the West Qurna-2 oil field, RIA Novosti reported.
A working partnership with Citi Bank and a branch in Dubai, sounds ambitious to me and in a good way!
Warka Bank and what it says it`s prepared to do for Iraq – reconstruction etc. – sounds great along with doing business internationally. However, it SEEMS like this bank is `monopolizing` the `system`. I would like to see more than Warka Bank working on the reconstruction of Iraq and more than Warka Bank doing business at home and internationally. Maybe there are????
Iraq is entertaining other foriegn banks that want to do
business in Iraq also!
Warka Bank Is Iraqs First Private Bank?
Small correction here Warka was the first private bank before 2003, so its not new now with this name.
Yes may be can call its “the first bank in Iraq to implement foreign investment legislation” this more correct name.
Dear Warka Investors,
Please note that Credit Bank has announced that it will be issuing 22% free capital shares to its shareholders. The free shares will be provided once officially offered by Credit Bank.
Warka Bank for Investment and Finance
I read the above statement, can you tell us how to invest or to be shareholder with Warka
Yes, contact marshallwayne@mac.com and he can give you some guideance in reference to stocks and banking information
Security Council extends UN mission in Iraq for one more year
7 August 2009 – The Security Council today extended the mandate of the United Nations Assistance Mission for Iraq (UNAMI) for another year, and decided that it should continue to pursue its expanded role in the country. The Council unanimously adopted resolution 1883, “reiterating its support to the people and the Government of Iraq in their efforts to build a secure, stable, federal, united and democratic nation, based on the rule of law and respect for human rights.”
As set out in resolutions 1770 (2007) and 1830 (2008), UNAMI is tasked with assisting the Government in the areas of elections, reconciliation, the resolution of disputed boundaries, human rights and humanitarian concerns, as well as reconstruction and development.
In today’s resolution, the 15-member Council also called on the Iraqi Government and other Member States to continue providing security and logistical support to UNAMI, recognizing that the security of UN personnel is essential for the Mission to carry out its work.
Secretary-General Ban Ki-moon, in his recent report on UNAMI, said that Iraq is entering a crucial transition period, highlighted by its increased responsibility for its security and the national elections planned for next January.
It is also “potentially a time of opportunity” regarding the Iraq’s recovery and development, he added, citing momentum across the Government to tackle some of the country’s most entrenched socio-economic issues – unemployment, dilapidated infrastructure, corruption and poverty.
Briefing the Council earlier this week, Mr. Ban’s new top envoy to Iraq voiced cautious optimism as the country regains its sovereignty, while warning of potential dangers ahead.
“Although statistics tell the story of a downward trend in the overall level of violence, reality is still tainted by an unacceptably high level of indiscriminate attacks on civilians,” Ad Melkert stated, following his first visit to Iraq as the Secretary-General’s Special Representative and head of UNAMI.
Mr. Melkert cited preparations for national elections in 2010 and the issue of ethnically disputed areas, including oil-rich Kirkuk, as two of the most critical priorities currently facing the UNAMI in promoting long-term stability in Iraq.
its a great thing happened in iraq for buisness and taxation.good step by earka bank.
rahul
Cash Online Get Easy cash at your door step
Definitely a positive move by the UN Security Council.
People of Iraq have to step up to the plate and do their bit ( that would be a BIG BIT) to get things moving in the right direction in their country. There are still many `ifs` but at least these are steps forward. We`ll pray that they`ll continue `upward and onward`.
Please let me know more about investing in the Warka Bank..?
I would like to purchase shares ?
wazimoto, I will be putting information about warka bank next month. Watch for it.
Darren
The Commerce Department said Wednesday that personal incomes rose 0.4 percent in November, helped by a $16.1 billion increase in wages and salaries.
Thanks mate! I was looking for something pretty much along the lines of this the entire day. Do you guys offer a subscription service? If so, how can I subscribe?
REUTERS
Iraq’s new oil deals seen weakening Kurds’ hand
Thu Dec 17, 2009 9:44pm IST
* Deals may give Iraq enough revenue to block Kurd exports
* Row over Kurdish oil contracts part of wider dispute
By Ayla Jean Yackley
BAGHDAD, Dec 17 (Reuters) – Oil firms are betting that an eventual agreement between Kurds and Arabs will allow exports from northern Iraq, but the wager became more risky last week after Baghdad secured a host of major deals of its own.
The Iraqi Oil Ministry awarded leading global energy firms contracts to operate seven fields in the Dec. 11-12 auction, its second tender since the 2003 U.S. invasion.
The two bid rounds have yielded deals that may quadruple Iraq’s output, putting Iraq close to world oil leader Saudi Arabia and possibly giving the Arab-led government in Baghdad enough revenue to ignore exports from Kurdistan, held up by a row over who should pay the foreign oil companies working there.
Small firms including DNO (DNO.OL: Quote, Profile, Research), Genel Enerji and London-based Heritage (HOIL.L: Quote, Profile, Research) have struck production-sharing agreements in the largely autonomous northern Kurdish region.
While the Iraqi government brands deals signed unilaterally by Kurdistan illegal, it had earlier this year permitted Kurdish exports via its national pipeline in what was hailed as a step forward in Kurd-Arab relations and a sign of Iraq’s desperation to plug gaping budget holes on a steep decline in oil prices.
The agreement fell apart, though, when Baghdad refused to pay the foreign firms for their work, insisting instead that all oil revenues enter national coffers, from where Kurds could pay them from their regular 17 percent cut of the national budget.
Now Baghdad, flush with confidence after the auctions, will be even less inclined to make concessions, analysts said.
“The Kurdish position is looking weaker now, given the sheer magnitude of the production boost in the south that is underway,” said Reidar Visser, editor of http://www.historiae.org.
Oil Minister Hussain al-Shahristani, a critic of the Kurdish deals, said on Saturday contracts from the two auctions will earn Iraq an extra $200 billion annually in six years.
Oil now accounts for over 90 percent of government revenue, and more than two-thirds of Iraqi production is concentrated in the country’s south near the oil hub of Basra.
“Kurds have the ability to export 250,000 barrels per day. That is money for the federal government to count on, so there is no reason why export payments should be declined,” Ashti Hawrami, Kurdistan’s natural-resources minister, said recently.
But Shahristani doesn’t seem inclined toward flexibility. He has banned oil companies that do business in Kurdistan from participating in the government’s tenders.
LARGER DISPUTE
The row over oil contracts is part of a larger conflict between Arabs and Kurds about land and oil rights, including control over the oil-rich area of Kirkuk, which poses a major threat to Iraq’s stability as U.S. troops prepare to withdraw by the end of 2011.
The odds of rapprochement are likely to be even lower until after Iraq’s March 7 general election.
“I think a new political climate will develop after the election, and I am hopeful that these matters will be dealt with soon after the election,” Hawrami said in an interview.
Norway’s DNO, a trailblazer in Kurdistan, said last week it was no longer drilling there after exports were halted. Last month, Heritage, which made large finds in the north earlier this year, scrapped a planned merger with Turkey’s Genel Enerji.
Still, Kurdistan remains attractive to small companies unable to compete with oil majors for large reservoirs in the rest of Iraq, an official at a company that has signed an exploration deal in the north said on condition of anonymity.
“We don’t see this as a long-term problem, because in the end, if Iraq seeks revenue to improve the country’s welfare, it will sell its oil,” he said. “Until now there hasn’t been a country that says, ‘I have enough oil, I won’t produce more.’”
(Editing by Keiron Henderson)
http://in.reuters.com/article/oilRpt/idINGEE5B30FW20091217?pageNumber=1&virtualBrandChannel=0
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