hawala Meaning and Definition

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Hawala or Hewala (Arabic: حِوالة‎‎, meaning transfer or sometimes trust), also known as hundi or - in Somali, xawala or xawilaad - is a popular and informal value transfer system based on the performance and honour of a huge network of money brokers, primarily located in the Middle East, North Africa, the Horn of Africa, and the Indian subcontinent, operating outside of, or parallel to, traditional banking, financial channels, and remittance systems.
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