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Difference between revisions of "Hawala (Middle East, India and Pakistan)"
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Hawala (Middle East, India and Pakistan) (view source)
Revision as of 13:32, 22 May 2019
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| definition =Informal system of money exchange prevalent throughout South Asia and the Middle East | | definition =Informal system of money exchange prevalent throughout South Asia and the Middle East | ||
| location =Middle East, India and Pakistan | | location =Middle East, India and Pakistan | ||
| imagemap = | | imagemap = | ||
| clusters = | | clusters = | ||
[[:Category:Market|Market]] – [[:Category: Functional ambivalence| Functional ambivalence]] – [[:Category: System made me do it| System made me do it]] – [[:Category: Survival| Survival]] – [[:Category: Informal entrepreneurship| Informal entrepreneurship]] | [[:Category:Market|Market]] – [[:Category: Functional ambivalence| Functional ambivalence]] – [[:Category: System made me do it| System made me do it]] – [[:Category: Survival| Survival]] – [[:Category: Informal entrepreneurship| Informal entrepreneurship]] | ||
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|style="font-size:1.1em;"| An informal value transfer system operating through a large network of money brokers that allows money to be transferred from one geographic location to another. The ''hawala'' system operates outside of more traditional financial and banking channels, and is based mainly in the Middle East, Indian subcontinent and parts of Africa. | |style="font-size:1.1em;"| An informal value transfer system operating through a large network of money brokers that allows money to be transferred from one geographic location to another. The ''hawala'' system operates outside of more traditional financial and banking channels, and is based mainly in the Middle East, Indian subcontinent and parts of Africa. | ||
In Arabic, the root h-w-l signifies ‘change’ or ‘transformation’. The word ''hawala'' is derived from this root and is defined as a bill of exchange or promissory note that can be used as ''hawala safar'' or a traveller’s cheque <ref>Jost, P. and Sandu, H. S. 2000. The Hawala alternative remittance system and its role in money laundering. Interpol General Secretariat, Lyon.</ref>. The word permeated into Hindi (national language of India) and Urdu (national language of Pakistan), retained its original meaning but acquired the additional connotations of ‘trust’ and ‘reference’. This reflects the basic principles on which the system operates. A ''hawala'' dealer is described as a ''hawaladar'' <ref>Jost, P. and Sandu, H. S. 2000. The Hawala alternative remittance system and its role in money laundering. Interpol General Secretariat, Lyon.</ref> | In Arabic, the root h-w-l signifies ‘change’ or ‘transformation’. The word ''hawala'' is derived from this root and is defined as a bill of exchange or promissory note that can be used as ''hawala safar'' or a traveller’s cheque <ref>Jost, P. and Sandu, H. S. 2000. The Hawala alternative remittance system and its role in money laundering. Interpol General Secretariat, Lyon.</ref>. The word permeated into Hindi (national language of India) and Urdu (national language of Pakistan), retained its original meaning but acquired the additional connotations of ‘trust’ and ‘reference’. This reflects the basic principles on which the system operates. A ''hawala'' dealer is described as a ''hawaladar''.<ref>Jost, P. and Sandu, H. S. 2000. The Hawala alternative remittance system and its role in money laundering. Interpol General Secretariat, Lyon.</ref> | ||
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[[File:Hawala Market Afghanistan.jpg|400px|thumb|left|]] | [[File:Hawala Market Afghanistan.jpg|400px|thumb|left|]] | ||