
Based on looking at the website, Found.com presents itself as a comprehensive financial platform designed for self-employed individuals and small business owners, integrating business banking, bookkeeping, and tax tools into a single app.
While the platform boasts features that streamline financial management and tax preparation, a strict ethical review from an Islamic perspective raises concerns regarding its core offering of conventional banking services, which inherently involve interest riba, and its integration with payment apps that may not adhere to Islamic financial principles.
The website emphasizes “no hidden fees” and FDIC insurance, aiming to build user confidence, but it operates under a conventional financial model that clashes with the prohibition of interest in Islamic finance.
Here’s an overall review summary:
- Platform Type: Financial Technology FinTech company offering business banking, bookkeeping, and tax tools.
- Target Audience: Self-employed individuals, freelancers, sole proprietors, single-member LLCs.
- Key Features Promoted: Online business banking, built-in bookkeeping, real-time tax estimates, automatic expense tracking, invoicing, contractor management, Mastercard® business debit card, virtual cards, unlimited ACH transfers.
- Pricing: Advertised as “Get started for free,” implying a freemium model or a free tier with potential paid upgrades e.g., “Found Plus”.
- FDIC Insured: Yes, up to $250,000 through Piermont Bank, Member FDIC.
- Ethical Concerns Islamic Perspective: Primarily due to involvement with conventional banking services, which typically operate on an interest-based system, a practice forbidden in Islam riba. The integration with various payment apps also requires scrutiny to ensure transactions remain free from prohibited elements.
- Overall Recommendation: Not recommended for those seeking strictly Islamically compliant financial services due to the inherent involvement with interest-based banking.
The Found.com platform, despite its apparent convenience and modern approach to financial management for small businesses, faces significant ethical challenges from an Islamic financial standpoint. The very foundation of conventional banking revolves around interest, whether through loans, deposits, or other financial instruments. Islam explicitly prohibits riba, which encompasses any predetermined, usurious return on money. While Found.com emphasizes “no hidden fees” and “no minimum balance required,” the underlying banking services provided by Piermont Bank are conventional, making it highly probable that interest is involved in their operations, even if not directly charged to the user in all instances e.g., through earning interest on deposits held by the bank. Furthermore, integrating with platforms like Venmo, Cash App, or PayPal, while convenient, doesn’t guarantee adherence to Islamic financial principles in all transactions conducted through them. For a Muslim seeking to maintain strict adherence to Islamic finance, this platform, despite its technical merits, presents a clear conflict.
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Here are some better alternatives that align with Islamic principles, focusing on ethical and interest-free financial management tools:
- Amana Bank
- Key Features: Sharia-compliant banking services, ethical investments, interest-free financing options, current accounts, business accounts.
- Price: Varies based on account type and services. generally comparable to conventional banking fees, but without interest.
- Pros: Fully Sharia-compliant, focus on ethical transactions, supports real economic activity.
- Cons: Limited physical presence in some regions compared to conventional banks, potentially fewer digital features than dedicated FinTechs.
- Guidance Residential
- Key Features: Sharia-compliant home financing Murabaha, Musharaka, commercial real estate financing, ethical investment vehicles.
- Price: Specific profit rates on financing, which are different from interest. fees for services.
- Pros: Leading provider of halal home financing in the US, focuses on equity-based partnerships rather than interest.
- Cons: Specialized in real estate financing, not a general banking platform, may have more stringent approval processes.
- Saturna Capital
- Key Features: Amana Funds Sharia-compliant mutual funds, ethical investment management, retirement planning, financial advisory.
- Price: Expense ratios for funds, advisory fees for services.
- Pros: Pioneers in Islamic investing in the US, strong track record of ethical and Sharia-compliant portfolios.
- Cons: Focus is on investment management, not day-to-day banking, requires understanding of investment principles.
- Islamic Finance Guru IFG
- Key Features: Resource hub for Islamic finance, investment guides, ethical product reviews, community forums. While not a product, it guides towards ethical financial products.
- Price: Mostly free access to articles and resources. some premium guides or courses.
- Pros: Excellent educational resource, helps identify truly Sharia-compliant options across various categories.
- Cons: Not a direct financial service provider, requires users to find and vet external providers based on their guidance.
- Wahed Invest
- Key Features: Halal automated investing robo-advisor, diversified portfolios, ethical screening, accessible for beginners.
- Price: Management fees e.g., 0.49% to 0.99% annually depending on account size.
- Pros: Easy to use, automated, low minimums, global reach for Sharia-compliant investing.
- Cons: Focus on investments, not a full banking solution, limited customization for advanced investors.
- Zoya App
- Key Features: Sharia stock screener, halal investment research, portfolio analysis, company compliance reports. Again, a tool to guide ethical investing.
- Price: Freemium model with basic free features and paid subscriptions for advanced tools.
- Pros: Empowers individuals to make informed halal investment decisions, covers a wide range of global stocks.
- Cons: A research tool, not a brokerage or banking service. requires users to have an existing brokerage account.
- LaunchGood
- Key Features: Global crowdfunding platform for Muslim-led projects and causes, ethical giving, community support. Not a direct banking alternative, but promotes ethical financial flow.
- Price: Platform fees on successful campaigns, but free for donors.
- Pros: Supports community development and ethical entrepreneurship, transparent and impact-focused.
- Cons: Not a banking or investment platform, focused on charitable giving and project funding.
Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.
IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.
Found.com Review: A Deeper Dive into a Conventional FinTech Platform
Found.com positions itself as an all-in-one solution for self-employed individuals, aiming to simplify business banking, bookkeeping, and tax management.
While its features appear robust for modern financial needs, understanding the underlying mechanisms is crucial, especially from an Islamic ethical perspective.
The platform’s strong emphasis on integration and automation suggests a move towards efficiency, a hallmark of contemporary FinTech.
However, the connection to traditional banking structures means it’s essential to scrutinize how it operates and whether it aligns with principles that eschew interest-based transactions.
Found.com’s Core Offering and Ethical Considerations
Found.com’s primary service is providing a business checking account through Piermont Bank, a Member FDIC institution. This immediately flags a significant point of concern from an Islamic financial viewpoint. Conventional banks operate on a system that fundamentally involves riba, or interest, which is explicitly prohibited in Islam. This prohibition applies whether one is receiving interest on deposits or paying interest on loans. While Found.com highlights “no hidden fees” and “no minimum balance required,” the very nature of partnering with a conventional bank implies an ecosystem where interest plays a role in the bank’s broader operations, even if it’s not directly visible in the user’s account charges. Iluvdesigner.com Review
- The Nature of Interest: In Islamic finance, money is considered a medium of exchange, not a commodity to be traded for profit. Riba is seen as an unjust enrichment, creating economic imbalance and discouraging real economic activity. This fundamental difference means that even passive participation in systems where interest is central can be problematic.
- FDIC Insurance: While FDIC insurance offers protection for deposits, it doesn’t change the underlying mechanism of the banking services. It’s a regulatory safeguard for account holders, not an indicator of Sharia compliance.
- “Get started for free”: This marketing phrase suggests a freemium model. While attractive, it doesn’t mitigate the ethical concerns related to the product’s foundation. It’s important for users to delve into the full terms and conditions to understand potential revenue streams for Found.com and its banking partner, Piermont Bank.
Found.com Features: Convenience vs. Compliance
Found.com boasts a suite of features designed to streamline financial management for small business owners.
These include online business banking, integrated bookkeeping, and advanced tax tools.
On the surface, these functionalities offer significant convenience, yet each must be viewed through the lens of Islamic ethical guidelines.
- Online Business Banking:
- Key Aspect: Facilitates remote management of funds, transfers, and payments.
- Ethical Check: While convenience is a plus, the underlying banking relationship with Piermont Bank means this service operates within a conventional, interest-based financial framework. This makes it unsuitable for those adhering strictly to Islamic finance.
- Data Point: According to a 2023 survey by Statista, 72% of small businesses in the US use online banking, highlighting the demand for such services. Found.com taps into this market, but its structure remains conventional.
- Built-in Bookkeeping:
- Key Aspect: Automatic expense tracking, categorization, and contractor management W9s, 1099s.
- Ethical Check: The act of bookkeeping itself is ethically neutral and beneficial. However, if the business transactions being recorded involve riba or other prohibited activities, then using the tool to manage those activities becomes problematic. The tool itself is not the issue, but its application to non-compliant income or expenses is.
- Benefit: Reduces manual entry, providing real-time financial oversight. This feature, if applied to halal earnings and expenses, could be very useful.
- Advanced Tax Tools:
- Key Aspect: Real-time tax estimates, automatic write-offs, and savings for taxes.
- Ethical Check: Tax preparation is a civic duty and is permissible. Tools that help optimize tax liabilities by identifying legitimate deductions are beneficial. The ethical concern arises only if these tools are used to manage income derived from prohibited sources.
- User Benefit: Many self-employed individuals struggle with quarterly tax payments. Found.com’s system aims to alleviate this burden, which is a practical advantage.
- Integrated Payment Options:
- Key Aspect: Linking with apps like Venmo, Cash App, or PayPal.
- Ethical Check: While these apps facilitate transactions, the individual transactions themselves must be Sharia-compliant. For example, using them for gambling, interest payments, or other prohibited activities would make their integration problematic. The platform merely facilitates the transfer. the responsibility lies with the user’s transactions.
Found.com Pros & Cons from an Ethical Standpoint
When evaluating Found.com, especially for an audience committed to Islamic principles, the traditional “pros and cons” list needs a specific lens.
Many features that are “pros” in a conventional sense become “cons” or at least “concerns” when viewed through the filter of Sharia compliance. Hypervision.gg Review
Cons Significant Ethical Concerns:
- Involvement with Riba Interest: This is the paramount concern. Found.com operates by providing banking services through a conventional bank Piermont Bank. By its nature, conventional banking involves interest-based lending and borrowing, which is strictly prohibited in Islam. Even if direct interest is not paid to the customer, the underlying financial system is built on riba.
- Lack of Sharia Compliance Certification: There is no indication on the Found.com website that their services or their banking partner are Sharia-certified or adhere to Islamic financial principles. This absence is a red flag for any Muslim seeking compliant financial solutions.
- Integration with Potentially Non-Compliant Payment Channels: While convenient, linking with apps like Venmo, Cash App, and PayPal does not guarantee that the transactions conducted through them will be Sharia-compliant. Users must exercise extreme caution to ensure funds received or sent are from permissible sources and for permissible activities.
- Focus on Efficiency Over Ethical Framework: The website heavily emphasizes ease, automation, and cost savings, which are desirable traits in business. However, it completely bypasses any discussion of ethical finance, a critical omission for those who prioritize religious compliance.
Limited or Conditional Pros Applicable ONLY if one overlooks the primary ethical concern or uses it for strictly permissible aspects, which is challenging with banking:
- Streamlined Financial Management: If one were to abstract away the riba issue, the integrated banking, bookkeeping, and tax tools offer significant convenience for self-employed individuals. A 2022 survey by the National Association of Small Business found that 35% of small business owners spend over 10 hours a week on administrative tasks, highlighting the appeal of integrated solutions.
- User-Friendly Interface: The testimonials on the site frequently praise the app’s ease of use and intuitive design, making financial tasks less daunting for those without a strong accounting background.
- Cost-Effectiveness Advertised: The “no hidden fees” and “get started for free” promise is appealing to small businesses looking to minimize overhead. However, this cost-effectiveness comes with the ethical compromise of engaging with an interest-based system.
- FDIC Insurance: This offers a level of security for deposited funds, protecting against bank failure. While a practical benefit, it does not absolve the ethical concerns related to riba.
In summary, for a Muslim seeking financial services, Found.com’s conventional banking model presents insurmountable ethical barriers due to the prohibition of riba. The conveniences it offers are overshadowed by its foundational incompatibility with Islamic financial principles.
Found.com Alternatives: Embracing Ethical Finance
Given the inherent issues with Found.com’s conventional banking model from an Islamic perspective, exploring Sharia-compliant alternatives is not just a preference, but a necessity. The market for ethical and Islamic financial products is growing, offering viable solutions that adhere to principles of justice, equity, and avoiding riba.
- Islamic Banks and Financial Institutions:
- Key Feature: These institutions are specifically structured to operate without interest. They utilize various Sharia-compliant contracts such as Murabaha cost-plus financing, Musharaka partnership, Mudaraba profit-sharing, and Ijarah leasing for financing and investments.
- Examples: Amana Bank, Guidance Residential. These provide alternatives for checking accounts, savings, and even home/business financing.
- Benefit: Provides a holistic financial ecosystem that is entirely free from interest and adheres to Islamic ethical guidelines.
- Halal Investment Platforms:
- Key Feature: These platforms offer investment opportunities in Sharia-compliant stocks, Sukuk Islamic bonds, and real estate. They perform rigorous screening to ensure underlying assets and business activities are permissible.
- Examples: Wahed Invest robo-advisor, Saturna Capital mutual funds.
- Benefit: Allows individuals to grow wealth ethically, ensuring investments are in line with their values.
- Ethical Business Management Tools Non-Banking Specific:
- Key Feature: While not direct banking alternatives, these tools can assist with bookkeeping, invoicing, and tax preparation without direct involvement in interest-based financial transactions. They focus on the administrative aspects of business.
- Examples: Instead of an integrated banking solution, consider using separate, non-financial apps for invoicing like Zoho Invoice or Wave Accounting for basic bookkeeping. For tax management, professional tax software or an accountant would be suitable.
- Benefit: Allows users to manage their business operations efficiently without compromising on financial ethics.
- Takaful Islamic Insurance:
- Key Feature: An alternative to conventional insurance, Takaful operates on principles of mutual cooperation and solidarity, where participants contribute to a common fund that is used to compensate members for losses. It avoids elements of riba interest, gharar excessive uncertainty, and maysir gambling.
- Benefit: Provides necessary financial protection for businesses and individuals in a Sharia-compliant manner.
Choosing alternatives means consciously seeking out services that prioritize ethical frameworks over mere convenience, ensuring that every financial transaction aligns with deeply held principles.
How to Evaluate Found.com’s Security Measures
When dealing with any financial platform, security is paramount.
Found.com highlights several security features on its homepage, which are standard for reputable online financial services.
Understanding these measures is crucial for user confidence, regardless of ethical concerns regarding the underlying financial model.
- Data Encryption and Secure Infrastructure:
- Explanation: This refers to the use of encryption protocols like SSL/TLS to protect data transmitted between the user’s device and Found.com’s servers. Secure infrastructure involves robust data centers, firewalls, and network security measures.
- Importance: Protects sensitive financial information from unauthorized access during transmission and storage. According to a report by IBM Security, the average cost of a data breach in 2023 was $4.45 million globally, underscoring the importance of strong encryption.
- Two-Factor Authentication 2FA:
- Explanation: 2FA adds an extra layer of security by requiring a second form of verification e.g., a code sent to your phone in addition to your password during login.
- Importance: Significantly reduces the risk of unauthorized account access, even if a password is compromised. A Microsoft study showed that 2FA blocks 99.9% of automated attacks.
- Comprehensive Fraud Monitoring:
- Explanation: This involves systems that continuously analyze transactions and account activity for suspicious patterns indicative of fraud.
- Importance: Helps detect and prevent unauthorized transactions, protecting users’ funds. Many financial institutions employ AI and machine learning for advanced fraud detection.
- FDIC Insurance:
- Explanation: Funds in Found.com accounts are FDIC-insured up to $250,000 per depositor through Piermont Bank.
- Importance: Protects account holders’ money in the event of the bank’s failure. This is a crucial federal safeguard for conventional banking services.
While these security measures are robust and essential for any financial platform, they operate independently of the ethical concerns related to riba. A secure platform doesn’t inherently make it Sharia-compliant. For a Muslim, both security and ethical compliance are critical considerations, and one cannot substitute the other. Pickem.store Review
Found.com Pricing: Understanding the “Free” Model
Found.com prominently advertises “Get started for free” and “No hidden fees or maintenance fees.” This pricing strategy is a significant draw for self-employed individuals and small businesses operating on tight budgets.
However, in the FinTech world, “free” often implies a freemium model where basic services are free, but advanced features or higher tiers come with a cost.
- “Get started for free”: This likely refers to the core banking, bookkeeping, and basic tax tools for a standard user. It aims to reduce the barrier to entry and attract a large user base.
- No Hidden Fees / Maintenance Fees: Found.com asserts transparency regarding standard banking charges, which is a positive for users fed up with unexpected bank fees. This includes no minimum balance required, no opening, overdraft, or maintenance fees.
- Potential for Tiered Services: The website mentions “Found Plus” under its features, which strongly suggests a premium subscription tier. This “Plus” tier would likely offer additional functionalities, higher limits, or enhanced support, justifying a monthly or annual fee. For instance, advanced analytics, higher limits on certain transactions, or priority customer support could be part of a paid plan.
- How Found.com Makes Money: Even if the core service is free, Found.com, as a financial technology company, must generate revenue. This typically happens through:
- Interchange Fees: When you use your Found Mastercard® Business debit card, the merchant pays a small fee to the card network and issuing bank Piermont Bank. Found.com likely gets a share of this.
- Premium Subscriptions: As mentioned, “Found Plus” is a probable revenue stream.
- Partnership Referrals: Found.com mentions partnering with “various providers to enable you to compare offers from participating institutions, such as lending, filing service, and insurance providers.” They may earn referral fees from these partnerships.
- Interest on Held Funds: While not directly charged to the user, the underlying bank Piermont Bank earns interest on the deposits it holds and lends out. Found.com might have an arrangement to share in these profits or benefit from the banking relationship in other ways.
From an Islamic perspective, while “no fees” sounds appealing, the underlying revenue generation methods of the associated bank Piermont Bank are the key concern.
If the bank primarily generates revenue through interest, then engaging with the platform, even if “free” for the user, indirectly supports an interest-based system.
Found.com vs. Traditional Banks: A Conventional Comparison
When Found.com is compared to traditional banks, it highlights its strengths in automation, integration, and user-friendliness, particularly for the self-employed segment. Onuia.com Review
However, from an Islamic financial standpoint, the comparison is less about operational efficiency and more about fundamental ethical alignment.
- Operational Efficiency:
- Found.com: Designed as a digital-first, AI-powered platform. It consolidates banking, bookkeeping, and tax tools, aiming to reduce manual effort and provide real-time insights. This appeals to modern users who prefer managing finances via apps.
- Traditional Banks: Often have legacy systems, more complex fee structures, and may require more manual input for bookkeeping or tax preparation, though many are investing heavily in digital transformation. They offer a broader range of services, including physical branches and complex lending products.
- Target Audience:
- Found.com: Laser-focused on freelancers, contractors, and sole proprietors. Its features are tailored to simplify their unique financial challenges, like managing irregular income and quarterly taxes.
- Traditional Banks: Cater to a much wider range of clients, from individual consumers to large corporations, with diverse banking needs.
- Cost Structure:
- Found.com: Advertises “no hidden fees” and a “free” starting point, aiming for transparent and low-cost banking for its niche.
- Traditional Banks: Often have more complex fee schedules, including monthly maintenance fees unless certain conditions are met, overdraft fees, and transaction fees, though free checking accounts do exist with caveats.
- Ethical Stance Islamic Perspective:
- Found.com: While a FinTech company, its banking services are provided by Piermont Bank, a conventional bank. This means it operates within an interest-based financial system, making it non-compliant with Islamic finance.
- Traditional Banks: Almost universally operate on an interest-based model, making them non-compliant with Islamic finance.
In essence, Found.com offers a more streamlined and specialized experience for a niche market compared to traditional banks, especially in terms of integrated tools.
However, both Found.com and traditional banks share the fundamental characteristic of operating within a conventional, interest-based financial system.
Therefore, for a Muslim seeking Sharia-compliant solutions, neither Found.com nor typical traditional banks represent an ideal choice.
The focus must shift to truly Islamic financial institutions that completely eschew interest. Surethik.com Review
Understanding Found.com’s Customer Support and Accessibility
Customer support and accessibility are critical components of any financial service, especially for online-only platforms where physical interactions are absent.
Found.com’s homepage mentions “Real support from real people,” aiming to instill confidence in its user base.
- Support Channels:
- The website indicates support primarily through email , which is a common channel for digital-first companies.
- It also features a “Help Center” and “Resource Hub,” suggesting a self-service knowledge base where users can find answers to common questions.
- “Real support from real people”:
- This phrase is designed to counteract the perception that online-only services lack human interaction. It implies that users will be able to connect with knowledgeable individuals to resolve issues, rather than relying solely on chatbots or automated responses.
- User testimonials, such as “A blessing. As a small business owner, Found has been a blessing. I can focus on my customers and my business and not worry about banking problems,” suggest a positive user experience, which often correlates with good support.
- Accessibility Statement:
- Found.com includes an “Accessibility Statement” at the bottom of its homepage. This indicates a commitment to making their platform usable for individuals with disabilities, adhering to web accessibility standards e.g., WCAG guidelines.
- Importance: Ensuring accessibility broadens the user base and demonstrates a commitment to inclusive design. This is a positive for any platform, regardless of its financial model.
While strong customer support and a commitment to accessibility are beneficial features for any platform, they do not impact the core ethical concerns related to the underlying interest-based financial system.
Users should consider these operational strengths alongside the fundamental Sharia compliance issues.
FAQ
What is Found.com primarily designed for?
Found.com is primarily designed for self-employed individuals, freelancers, sole proprietors, and single-member LLCs, offering integrated business banking, bookkeeping, and tax tools within a single platform. Parentsarehuman.com Review
Is Found.com a bank?
No, Found.com is a financial technology FinTech company, not a bank.
Its banking services are provided by Piermont Bank, Member FDIC.
Are funds held with Found.com FDIC insured?
Yes, funds in Found.com accounts are FDIC-insured up to $250,000 per depositor through Piermont Bank, Member FDIC.
What are the main features of Found.com?
Key features include online business banking, automatic expense tracking, real-time tax estimates, invoicing, contractor management, and a Mastercard® Business debit card with virtual card options.
Does Found.com charge monthly fees?
According to its website, Found.com advertises “no hidden fees or maintenance fees” for its basic services, aiming to provide a free starting point for users. Enviroglaze.org Review
How does Found.com handle tax preparation?
Found.com offers built-in tax tools that provide real-time tax estimates, automatic expense categorization for write-offs, and features to help users save for taxes.
Can I link other payment apps to Found.com?
Yes, Found.com allows integration with popular payment apps such as Venmo, Cash App, and PayPal for seamless money movement.
What are the ethical concerns regarding Found.com from an Islamic perspective?
The primary ethical concern is its reliance on conventional banking services provided by Piermont Bank, which inherently involves interest riba, a practice forbidden in Islam.
Does Found.com offer Sharia-compliant banking services?
No, Found.com operates within a conventional financial framework and does not explicitly state or offer Sharia-compliant banking services or certifications.
Who owns Found.com?
Found.com is a financial technology company. Kizoku.life Review
While specific ownership details are not prominently displayed on the homepage, it’s a privately held company.
How can I get started with Found.com?
Users can typically get started by signing up for an account through their website, which they claim can take as little as five minutes.
Does Found.com offer a mobile app?
Yes, Found.com offers a mobile app for both iOS and presumably Android, allowing users to manage their finances on the go.
Can Found.com help with invoicing?
Yes, Found.com provides tools for sending unlimited, customized invoices directly from the account.
How does Found.com compare to QuickBooks for small businesses?
Some user testimonials suggest Found.com runs “like a consolidated QuickBooks” but without the cost, highlighting its integrated banking and accounting features. Ethfreeminer.com Review
Is there a Found.com promo code available?
The website does not explicitly list promo codes on its homepage, but such offers might be available through partnerships or specific campaigns.
What kind of customer support does Found.com offer?
Found.com states it provides “Real support from real people,” primarily accessible via email and through a comprehensive Help Center and Resource Hub on its website.
Can Found.com assist with contractor payments and 1099 forms?
Yes, Found.com offers contractor management features, including the ability to collect W9 forms, send 1099 payments, and download and file NECs.
Does Found.com have any physical branches?
No, Found.com is an online-only financial technology company and does not have physical branches.
Where can I find Found.com reviews from other users?
The Found.com homepage prominently displays testimonials from users on platforms like Trustpilot and the iOS app store. Tippaws.com Review
More reviews can be found by searching “found.com reviews reddit” or “found.com reviews” on search engines.
What are some Sharia-compliant alternatives to Found.com for business banking?
Sharia-compliant alternatives include Islamic banks like Amana Bank, Islamic financial institutions for financing like Guidance Residential, or utilizing separate ethical bookkeeping/invoicing tools paired with halal financial accounts.
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