In the wake of the September 11 terrorist attacks on the USA, attention was drawn to the age-old, secretive, and globe-spanning banking system developed in Asia and known as “Hawala” (to change, in Arabic). I. OVERVIEW In the wake of the September 11 terrorist attacks on the USA, attention was drawn to the age-old, secretive, and globe-spanning banking system developed in Asia and known as “Hawala” (to change, in Arabic). It is based on a short term, discountable, negotiable, promissory note (or bill of exchange) called “Hundi”. While not limited to Moslems, it has come to be identified with “Islamic Banking”. Islamic Law (Sharia’a) regulates commerce and finance in the Fiqh Al Mua’malat, (transactions amongst people). Modern Islamic banks are overseen by the Shari’a Supervisory Board of Islamic Banks and Institutions (“The Shari’a Committee”). The Shi’a “Islamic Laws according to the Fatawa of Ayatullah al Uzama Syed Ali al-Husaini Seestani” has this to say about Hawala banking: “2298. If a debtor directs his creditor to collect his debt from the third person, and the creditor accepts the arrangement, the third person will, on completion of all the conditions to be explained later, become the debtor. Thereafter, the creditor cannot demand… Read full this story
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