Definition of hawala in English:
A system or agency for transferring money traditionally used in the Muslim world, whereby the money is paid to an agent who then instructs a remote associate to pay the final recipient.
- U.S. aid and a crackdown on invisible hawala money transfers lifted Pakistan's economy.
- To move large sums of money, they can avoid the banking system by using hawala money movers or couriers.
- Money laundering in the Indian Ocean basin relies upon a traditional alternative banking system known as hawala or hundi, which makes it difficult to trace money transfers.
from Arabic, literally 'change, transform'.
Definition of hawala in:
- British & World English dictionary