hawala (Meaning)
hawala (n)
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
Synonyms & Antonyms of hawala
No Synonyms and anytonyms found
hawala Sentence Examples
- The hawala system is an informal network used to transfer funds without the use of traditional banking institutions.
- Hawala is often used in countries with restrictive currency regulations or weak banking infrastructures.
- Hawala operators, known as hawaladars, typically charge a small fee for their services.
- Hawala transactions can be traced back to ancient times in the Middle East and South Asia.
- Some governments view hawala with suspicion due to its potential for money laundering and terrorist financing.
- The hawala system can be resilient to detection, as it relies on trusted relationships and informal channels.
- Hawala operators often use coded messages and intermediaries to facilitate transactions.
- Hawala is particularly common in regions with significant migrant populations, who may use it to send money back to their home countries.
- The hawala system has been linked to international crime and tax evasion in some cases.
- Hawala can also be used for legitimate purposes, such as facilitating trade or providing humanitarian aid in areas with limited access to formal banking services.
FAQs About the word 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 transacti
No synonyms found.
No antonyms found.
The hawala system is an informal network used to transfer funds without the use of traditional banking institutions.
Hawala is often used in countries with restrictive currency regulations or weak banking infrastructures.
Hawala operators, known as hawaladars, typically charge a small fee for their services.
Hawala transactions can be traced back to ancient times in the Middle East and South Asia.
