I have no idea why you were down-voted. I think you're right. For example: The Wikipedia article claims that the Hawala system is unusual in that no promissory

I have no idea why you were down-voted. I think you're right. For example: The Wikipedia article claims that the Hawala system is unusual in that no promissory notes are exchanged. However, directly after that, the article explains how extensive notes are kept on how much the brokers owe each other, and that there are some forms of final settlement between brokers. These notes on mutual indebtedness appear to play an identical role to promissory notes. This is really no different than the final settlement between banks in the Western system, except that - as you wrote - it appears to be less regulated.