from The American Heritage® Dictionary of the English Language, 4th Edition
- n. A system for remitting money, primarily in Islamic societies, in which a financial obligation between two parties is settled by transferring it to a third party, as when money owed by a debtor to a creditor is paid by a person who owes the debtor money. Hawala transactions are usually based on trust and leave no written record.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. A long-established, informal system of money transfer from India and the Middle East, still in use by migrant workers.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- 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
Arabic ḥawāla, bill of exchange, check, from ḥāla, to change.(American Heritage® Dictionary of the English Language, Fourth Edition)
From Arabic حوالة (ħawāla, "transfer”, “trust") (Wiktionary)