hawala


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ha·wa·la

 (hə-wä′lə)
n.
An informal system for transferring money, especially across borders, in which local agents disperse or collect money or goods on behalf of friends, relatives, or other agents without legal protection or supervision, trusting that all remaining obligations will be settled through future transactions.

[Arabic ḥawāla, bill of exchange, from ḥāla, to change, turn; see ḥwl in Semitic roots.]

hawala

(haˈwɑːlə)
n
(Banking & Finance) a system of money transfer based on promises and honour, practised in the Middle East and parts of Asia and Africa
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.hawala - 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"
act of terrorism, terrorism, terrorist act - the calculated use of violence (or the threat of violence) against civilians in order to attain goals that are political or religious or ideological in nature; this is done through intimidation or coercion or instilling fear
banking industry, banking system - banks collectively
References in periodicals archive ?
Top sources said that the Election Commission has noted with concern the statements made by Hawala operators about crores of rupees being transferred by political parties.
A hawala organizer in Country A receives funds and arranges for another hawala organizer in Country B to pay out the money in Country B.
200,000 United Arab Emirates dirham (AED) to two million dirham can be transferred through Hundi Hawala in one go.
BRUSSELS, Aug 1 (KUNA) -- The EU Saturday added the name of of Abdul Basir Noorzai and his "Haji Basir and Zarjmil Hawala Company" to its blacklist and imposed assets freeze and travel ban for financing the Taliban.
THE Irish Government needs to become formally involved in the case of jailed teenager Ibrahim Hawala in Egypt, his legal team claimed.
THE INTERCEPTOR BBC1, 9pm Phone taps provide the UNIT team with intelligence on a man known only as The Accountant, the mastermind behind a scheme to launder money via Hawala.
Federal Investigation Agency has registered 64 cases for money transfer through Hawala Hundi, arresting 83 people and recovering 101.
Hawaladar: A broker in a hawala or hawala-type network.
Terror groups are reportedly using Hawala transactions to fund their operations in Europe.
Also approved were revisions to existing Shari'ah standards on Conversion of a Conventional Bank to an Islamic Bank, Hawala, and Murabaha to the Purchase Orderer.
The Foreign Exchange Remittances Group (FERG), a non-profit platform for over 60 money exchanges houses in the UAE, has urged the Indian Government to carefully weigh any move to tax foreign remittances as it could hurt official channels of money flow and encourage hawala transactions.
Pakistani expatriates who may be considering sending remittances through illegal hawala channels may find themselves in a legal soup since hawala is considered illegal in the UAE.