Word: hawala
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...Noriba ceo Toufic Kanafani says, "If we didn't see the potential for Islamic banking, we wouldn't have opened this bank. The demand for competent Shari'a products and services is growing continually." Until the 1970s, banking in the Islamic world was largely confined to the informal hawala system, under which money was transferred through brokers without leaving a paper trail. The system came under scrutiny when it was linked to the al-Qaeda network around the world. But around 1975 Muslim nations in the Gulf and Asia, aided by the Islamic Development Bank, an organization fostering economic...
...panel notes that in response to the international body's clampdown, bin Laden's pursers have converted considerable amounts of cash held in banks into gold and diamonds, as well as moving it through the underworld 'hawala' networks that make it almost impossible to trace...
...officials in Islamabad. In turn, bin Laden's agents relied on these comrades to provide a network of safe houses for al-Qaeda agents as they crossed Pakistan on their way to and from their Afghan headquarters. The ISI also vetted new recruits and laundered terrorist funds through the hawala global network of informal money changers. Says Ahmed Rashid, author of Taliban: Militant Islam, Oil and Fundamentalism in Central Asia: "All these Pakistani groups were closely linked to the ISI through Kashmir." It was no surprise to foreign spooks that the ISI let al-Khadir escape from Peshawar. They believe...
ADAM COHEN has been covering the murky Osama bin Laden money trail and the way al-Qaeda funds itself. He's become an expert on the shadowy Islamic banking system called hawala, in which nothing is written down. Talk to him on Wednesday...
...Hawala hurts the national economies of developing countries desperate for foreign exchange deposits, but every individual in the chain has the incentive of earning a commission. And that's what keeps the networks going. "People know that salaries cannot buy the good things," says Ali, one of thousands of operatives in an underground banking world that stretches from New York to Tokyo. "You need a little extra." Even at a cost of enabling crime and terrorism...