Middle East Online media just released an article discussing the banking situation in Iraq. It tells of a story about an al-Warka Bank depositor named Saleh Majid. Mr. Saleh happens to own an electrical supply shop in downtown Baghdad. He had previously deposited his hard earned money inside al-Warka Bank prior to the bank going Bankrupt in 2012. When al-Warka Bank went into receivership with the Central Bank of Iraq (CBI) Majid only received 20% of his deposit back. This is an all too common story these days. There are countless depositors in Iraq that have lost their deposits with al-Warka Bank. The bank was also delisted from the Iraq Stock Exchange (ISX) several years ago and there are no indicators of it being reinstated.
In the past, there have been many misguided guru’s that have pushed the al-Warka Bank agenda. I have written about, commented on and gave warnings on al-Warka since June 2006. Some of you may even recall my recent posting about the medical student that contacted me for help. He had lost his savings of 100k with al-Warka bank. A complete loss of his tuition and his dream of being a physician. I cannot help you once you’ve invested in them and lost. I can only advise you not to or to proceed with caution.
The former deputy of Minister of Finance, Fazil Nabi recently commented about banks in Iraq saying, “Some banks are bankrupt.” That’s putting it mildly! For this alone, I would be extremely cautious when dealing with any bank in Iraq. I cant advise enough to do your due diligence and be very cautious when sending any of your private information to any foreign bank. Theres no telling what they will do with your personal information.
In other news, the April 30th elections are still on for now. Although, it was nearly called off after the members of the Iraq Election Commission resigned. The reason being, they protested the written language inside the election law. The law stated candidates must be “of good reputation.” This gave political parties leverage to remove opponents from the election political process. The Election board members have withdrawn their group resignation and went back to work. I expect that there will be more incidents like this as we get closer to April 30th. My prediction is that Prime Minister Nuri Maliki will remain after the elections. I could be wrong, however, Prime Minister Maliki is working non-stop in keeping his position.