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

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

DOI: http://dx.doi.org/10.5089/9781589062269.084

ISBN: 9781589062269

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

Since the terrorist attacks of September 11, 2001, there has been increased public interest in informal funds transfer (IFT) systems. This paper examines the informal hawala system, an IFT system found predominantl...

Pacific Island Economies

Pacific Island Economies »

Series: Books

Author(s): Christopher Browne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2006

DOI: http://dx.doi.org/10.5089/9781589065161.071

ISBN: 9781589065161

Keywords: remittances, exchange rate, balance of payments, public debt, expenditure

The Pacific island region has considerable potential for development, especially in the areas of tourism, fisheries, forestry, mining, and agriculture. However, these countries face many challenges to developing th...

I Overview

I Overview »

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

Since the September 11, 2001, terrorist attacks in the United States, there has been renewed public interest in informal funds transfer (IFT) systems. Press coverage, which often focused on the putative conn...

II Introduction

II Introduction »

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

This study responds to the growing interest in the operational characteristics and economic and regulatory implications of IFT systems. It contributes to the limited analytical literature on financial remitt...

III Features of the Informal Hawala System

III Features 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

Different terms are used to describe informal funds transfer systems, including “alternative remittance systems,” “underground banking,” “ethnic banking,” and “informal value transfer system.” This study use...

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...

2 Public Sector Activities

2 Public Sector Activities »

Source: Pacific Island Economies

Series: Books

Author(s): Christopher Browne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2006

ISBN: 9781589065161

Keywords: remittances, exchange rate, balance of payments, public debt, expenditure

Christopher Browne and Edimon Ginting Large and pervasive public sectors characterize the Pacific island countries. Despite the fact that low levels of private sector activity...