0 a payment such as a bill of exchange, promissory note, or cheque which a bank promises to pay if their customer is not able to pay it back themselves:
An aval is sometimes referred to as a "bank guarantee", since a bank is guaranteeing payment of the financial instrument.
The practice of requesting an aval from a prospective borrower has become commonplace since the 2008 global financial crisis.
The aval nercha custom is said to have an uninterrupted history of not less than 400 years.
