Swedish Watchdog Rings Alarm Over ‘Sharia Banks’ After Reported ISIS Transfer

The informal banking system, which has roots in middle-age Islamic beliefs, is notoriously hard to supervise, which makes the exact extent of terrorism financing almost impossible to calculate, a senior Swedish terrorism researcher noted.

So-called hawala banks were used to finance notorious Swedish-born Islamist and Daesh* terrorist Michael Skråmo, who in 2014 took his wife and four children to Syria and joined the outlawed Islamist group, Swedish terrorism watchdog Doku reported, noting that terrorist networks in other parts of the world may be financed using the same or similar channels.

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