Al-Barakat, or Al-Barakaat, which means "Blessings" in Arabic, is a group of companies established in 1986 in Somalia. The firm is involved in the modern form of hawala, an informal value transfer system and remittance method. By 2001, Al-Barakat had outlets in 40 countries, and was the country's largest private employer. It handled about $140 million USD a year from the Somali diaspora, and also offered phone and internet services.