2007-04-06 06:44:16 · 3 answers · asked by siddiq m 1 in Business & Finance ➔ Other - Business & Finance
money trasferred not thru financial agencies
middle east and Africa use it
its thru private networks
2007-04-13 09:49:31 · answer #1 · answered by Cash 3 · 0⤊ 0⤋
Hawala is is similar to the arabic word for "transfer" or "trust" that kind of work like travelers checks. It is also refered to as Hundi. It refers to an informal transfer of monies, usually not involving a financial institution like a bank. These transactions are based on trust and came out of mainly the Middle East, Asia, and Africa. There was a problem with these during 9/11 as it was believed some may have funded the terrorists.
2007-04-08 03:30:46 · answer #2 · answered by bonsai67 3 · 0⤊ 0⤋
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... "Terrorists make extensive use of hawala"
2016-05-18 21:54:37 · answer #3 · answered by ? 3 · 0⤊ 0⤋