hawala hawala

Definition(s):

  • (n) an underground banking system based on trust whereby money can be made available internationally without actually moving it or leaving a record of the transaction

Usage(s):

  1. And since hawala does not affect the Dubai economy, and it's not a priority for local law enforcement.
  2. The ISI also vetted new recruits and laundered terrorist funds through the hawala global network of informal money changers.
  3. Until the 1970s, banking in the Islamic world was largely confined to the informal hawala system, under which money was transferred through brokers without leaving a paper trail.

News

  • Somalia Facing Potential Humanitarian Disaster After Crucial Banking System Discontinued By Barclays (NYSE:BCS)

    Somalia could be facing a humanitarian crisis after Britain’s Barclays PLC (NYSE:BCS) decided to stop aiding the informal banking practices that enabled money transfers into the country from the 1.5 million Somalians living abroad. Hawala’s, as they are known, act as a lifeline for more than half of the impoverished 10 million people living in the lawless East African country, amounting to about ...
    on August 26, 2013     Source: International Business Times

Wiki Images for hawala

definition of hawala

Quotes

  1. "Afghanistan is a country that is built on personal connections and trust. If someone trusts them, he will do business with them," said Haji Najib, the chairman of Kabul's hawala association. "It is the same for hawala."
    on Jun 27, 2010 By: Mohammad Najibullah Source: Zawya

  2. "If there's proof of anyone's involvement in the hawala transactions, then appropriate action should be taken. The decision to make Koda the chief minister was taken collectively," said Lalu.
    on Nov 5, 2009 By: Lalu Prasad Source: India Today

  3. "The scene showing the hero in an underground den full of Muslims dealing with hawala transactions is highly objectionable. It makes it seem that our community is involved in such illegal acts against the state and the people. We cannot accept...
    on Jun 21, 2007 By: Hyder Ali Source: AKI

Word of the Day
ennui ennui
/ɛ ˈnu i /