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For the community in the Persian Gulf states, see Huwala. The hawala system has existed since the 8th century between Arabic and Muslim traders alongside the Silk Road and beyond as a protection against theft. It is believed to have arisen in the financing of long-distance trade around the emerging capital trade centers in the early medieval period. Hawala” itself influenced the development of the agency in common law and in civil laws, such as the aval in French law and the avallo in Italian law. Today, hawala is probably used mostly for migrant workers’ remittances to their countries of origin. In the most basic variant of the hawala system, money is transferred via a network of hawala brokers, or hawaladars.
It is the transfer of money without actually moving it. In fact, a successful definition of the hawala system that is used is “money transfer without money movement”. As the system does not depend on the legal enforceability of claims, it can operate even in the absence of a legal and juridical environment. Informal records are produced of individual transactions, and a running tally of the amount owed by one broker to another is kept. In addition to commissions, hawala brokers often earn their profits through bypassing official exchange rates.
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Generally, the funds enter the system in the source country’s currency and leave the system in the recipient country’s currency. As settlements often take place without any foreign exchange transactions, they can be made at other than official exchange rates. Hawala is attractive to customers because it provides a fast and convenient transfer of funds, usually with a far lower commission than that charged by banks. Dubai has been prominent for decades as a welcoming hub for hawala transactions worldwide. A 1951 hundi of Bombay Province for Rs 2500 with a pre-printed revenue stamp. The hundi is a financial instrument that developed on the Indian sub-continent for use in trade and credit transactions.
Hundis are used as a form of remittance instrument to transfer money from place to place, as a form of credit instrument or IOU to borrow money and as a bill of exchange in trade transactions. The word angadia means courier in Hindi, but also designates those who act as hawaladars within India. These people mostly act as a parallel banking system for businessmen. They charge a commission of around 0. According to the CIA, with the dissolution of Somalia’s formal banking system, many informal money transfer operators, arose to fill the void. The 2012 Tuareg rebellion left Northern Mali without an official money transfer service for months. The coping mechanisms that appeared were patterned on the hawala system.
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