• As others note, they have to use runners instead of satellite phones and the informal hawala system instead of banks.

    ECONOMIST: Michael Hayden wants to shake up the CIA. Good luck to him

  • America recently imposed sanctions on the main Hamas-owned bank, but the informal hawala banking system that straddles the border keeps the strip solvent.

    ECONOMIST: The Gaza Strip

  • He did it through what he says was the only means available to transfer funds to war-torn Iraq, an ancient informal system known as hawala, in which brokers move money outside the conventional banking system.

    NPR: Town Backs Kurds Who Sent Money Back to Iraq

  • Particularly vexing is the kind of business Elfgeeh ran out of the Carnival French Ice Cream Supermarket: hawala, an informal money-remittance service that operates on the fringes of the global financial system.

    FORBES: The Invisible Bankers

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