Link for ISX Stock Market Application

This is the link to download the application to trade on the ISX Stock Market:  Open Trading Account & KYC_Individual - Google Docs

Subject: Re: Inquiry About Opening an Account as a Non-Iraqi Investor

 

Instructions:  

Thank you for your interest in investing through Al-Karmal Securities. Please find below the detailed information you requested:

 

1. Minimum Investment Amount

   There is no statutory minimum investment for non-Iraqi clients. In practice, many international investors begin with an amount that reflects their trading objectives and anticipated transaction costs, but you are free to determine the level that suits you best.

 

2. Account Opening Procedure

   - The entire onboarding process can be initiated and completed via email.  

   - Once the account is opened, we must receive the original, signed account-opening documents within 15 calendar days.  

   - We will send you the full account-opening package (forms, required identification, and compliance documentation) via email.

 

3. Funding and Currency Handling

   - Account funding and transfers are executed through Iraqi and U.S. banking channels.  

   - Citi Bank (U.S.) acts as our correspondent bank, while Bank of Baghdad is our local partner bank that handles currency conversion between USD and IQD.  

   - If you fund in USD, Bank of Baghdad will complete the conversion to IQD for ISX purchases, and the reverse process applies when you sell and request USD remittance.

 

4. Fees and Commissions

   - There is currently no custody bank service in Iraq.  

   - Transaction costs are limited to buy/sell commissions, which total 1% per executed trade (combined buy/sell).  

   - We do not charge additional custody or account maintenance fees.

 

5. Repatriation of Funds

   - Sale proceeds, dividends, or other distributions can be converted from IQD back to USD via Bank of Baghdad.  

   - USD proceeds are then transferred abroad through our correspondent relationship with Citi Bank, following applicable regulatory and compliance procedures.

 

6. Trading Platform

   - Al-Karmal offers an online trading platform that provides real-time, direct access to the ISX through a live API connection.  

   - You may place your buy and sell orders directly through the platform; a dealer-assisted option remains available if you prefer.

 

7. Iraqi Government Bonds

   - While Iraqi regulations do not prohibit foreign ownership of government bonds, current banking rules require bond buyers to hold a local Iraqi bank account.  

   - Because this requirement cannot be met under existing laws, we regret that we cannot facilitate Iraqi government bond purchases for non-resident individuals at this time.

 

I will send the account-opening documents and investor guidelines to you in a separate email. If you have any further questions or wish to start the onboarding process, please feel free to contact me directly at any time.

 

Thank you again for considering Al-Karmal Securities. We look forward to assisting   

 

Kind Regards,

Taha Ajina (MSc. ISM) Chief Operations Officer