hawala definition

  • noun:
    • a method for remitting cash, mainly in Islamic societies, by which a financial obligation between two events is satisfied by transferring it to a 3rd party, as when money owed by a debtor to a creditor is paid by somebody who owes the debtor money. Hawala transactions are usually considering trust and leave no written record.
    • A long-established, casual system of money transfer from Asia together with center East, nevertheless used by migrant employees.
    • an underground bank operating system based on trust wherein money may be offered globally without in fact moving it or making accurate documentation associated with exchange

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