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<= Wow I remember as kid, going to an "Angadia" office with my dad to transfer money. Didn't understand any of it back then.
So it's pretty much like Ripple. http://ripple.com
I'm working on an RFC for an Internet protocol that works like Hawala: https://github.com/mleonhard/hipp
This is what bitcoin is great for and will be used for. Medium for transfering the purchasing power, not for storing it.
One important thing to know is that in islamic banking, interest or anything that exploits time value of money is considered usury, and is haraam (sinful). There exists a whole institution of islamic banking compliant with shariah law. From gift giving for usage of money such as hibah to good will repayment of debt such as qardul hassan where the debtor may repay more than the principal amount, islamic banking seeks…
It's hard for me to escape the feeling that Islamic banking replaces usury with hypocrisy, but I guess high-context Cultures could probably make the same argument in reverse.
I almost linked to this, too, in the "Western Union says Bitcoin is not ready for international transfer" discussion[1]. The interesting thing about Hawala is that it provides a ready source of liquidity in local currencies. If someone was to link the two (ie, a local Hawala agent accepted a Bitcoin transfer from an untrusted source, and then moved the money via the trusted Hawala network) then almost all the problem…
So it's pretty much like Ripple. http://ripple.com
It's more like the original Ripple concept: https://classic.ripplepay.com/
https://ripple.com/how-ripple-works/
As far as I know, Ripple still works the same way as it did then.
In india it is used extensively and very often, we some times call them "Aangadiya" they transfers the money for very little cost ex. i have sent 25K INR with only 50rs extra as charge, which is basically 0.2 percent. And its accuracy and speed is amazing.
One important thing to know is that in islamic banking, interest or anything that exploits time value of money is considered usury, and is haraam (sinful). There exists a whole institution of islamic banking compliant with shariah law. From gift giving for usage of money such as hibah to good will repayment of debt such as qardul hassan where the debtor may repay more than the principal amount, islamic banking seeks…
People often did 'hacks' against it, such as using pawn shops. Many cities in Europe have a "Lombard Street" based on this ( http://en.wikipedia.org/wiki/Lombard_banking )