Before there was forex, there was Hawala, an informal currency exchange that has been in existence since the days of the Silk Road when traders and financiers have been using this system to barter and trade with other merchants from other countries. During that time the worlds main economic trade was along this legendary route. This system evolved into what is known as Hawala, which means “transfer” or “wire” in Arabic banking jargon. This type of system is widely used in Middle East, Africa and Asia. It was major mechanism that expanded trading between Europe and Asia. In time the system matured into legitimate banking system in some Asian countries while in other areas they are still unregulated and until recently scrutinized as an underground for funneling of funds for terrorist activities.
Today, the true Hawala transactions come from migrant workers from Asia (Indian and other Asian countries) who work in the oil-rich Middle Eastern countries such as United Emirates, Saudi Arabia among others and send their money home to their families. Since this system has been unregulated, it has been a fixture for centuries so traditions of its use...
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