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Hawala (Arabic: meaning transfer), also known as hundi, is an informal value transfer system based on the performance and honour of a huge network of money brokers, which are primarily located in the Middle East, North Africa, the Horn of Africa, and the Indian subcontinent. It is basically a parallel or alternative remittance system that exists or operates outside of, or parallel to traditional banking or financial channels.
Read more :http://en.wikipedia.org/wiki/Hawala
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