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IV Origin and Modern Uses of IFT Systems

IV Origin and Modern Uses of IFT Systems »

Source: Informal Funds Transfer Systems : An Analysis of the Informal Hawala System

Series: Occasional Papers

Author(s): Mohammed El Qorchi , Samuel Maimbo , and John Wilson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 August 2003

ISBN: 9781589062269

Keywords: Financial systems, banking, remittance, remittances, foreign exchange, banking sector

IFT systems are ancient and well rooted in the cultures of various countries. Despite the different terminology ascribed to them—fei-ch’ien (China), hui kuan (Hong Kong), hundi (India), hawala (Middle East),...

V Economic Analysis of Informal Hawala Transactions

V Economic Analysis of Informal Hawala Transactions »

Source: Informal Funds Transfer Systems : An Analysis of the Informal Hawala System

Series: Occasional Papers

Author(s): Mohammed El Qorchi , Samuel Maimbo , and John Wilson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 August 2003

ISBN: 9781589062269

Keywords: Financial systems, banking, remittance, remittances, foreign exchange, banking sector

Assertions that hawala “sends money without sending money” are misleading. Many discussions of remittances through the informal funds transfer systems give the impression that this kind of transaction is ver...

VI Legal and Regulatory Aspects of the Informal Hawala System

VI Legal and Regulatory Aspects of the Informal Hawala System »

Source: Informal Funds Transfer Systems : An Analysis of the Informal Hawala System

Series: Occasional Papers

Author(s): Mohammed El Qorchi , Samuel Maimbo , and John Wilson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 August 2003

ISBN: 9781589062269

Keywords: Financial systems, banking, remittance, remittances, foreign exchange, banking sector

Because of their significance, IFT systems have been the subject of regulatory concern for a very long time. Their recent notoriety has merely rekindled and galvanized this interest. Overall, the study found...

VII Conclusions

VII Conclusions »

Source: Informal Funds Transfer Systems : An Analysis of the Informal Hawala System

Series: Occasional Papers

Author(s): Mohammed El Qorchi , Samuel Maimbo , and John Wilson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 August 2003

ISBN: 9781589062269

Keywords: Financial systems, banking, remittance, remittances, foreign exchange, banking sector

Historically, IFT systems are relatively commonplace. Despite the different terminology ascribed to IFT systems—fei-ch’ien (China), hui kuan (Hong Kong), hundi (India), hawala (Middle East), pad...