truelayer.com Alternatives

Given the ethical concerns surrounding TrueLayer’s involvement with impermissible industries like iGaming and the ambiguity around crypto services, it is imperative for Muslims to seek out alternatives that align with Islamic ethical finance principles.

Read more about truelayer.com:
truelayer.com Review & First Look
truelayer.com Pros & Cons (from an Ethical Islamic Standpoint)

These alternatives focus on facilitating financial transactions and managing finances in a way that avoids interest (riba), excessive uncertainty (gharar), and direct or indirect support for forbidden activities.

The key is to find platforms and services that prioritize ethical conduct and Sharia compliance, even if they may not offer the exact same technological breadth as a general-purpose open banking provider. truelayer.com Pros & Cons (from an Ethical Islamic Standpoint)

1. Wahed Invest

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   • Key Features: Halal investment platform, diversified portfolios (ETFs, sukuk, real estate), offers various risk levels, automated investing. Regulated by multiple authorities.
   • Price: Management fees (e.g., 0.99% for portfolios under $100k, 0.49% for over $100k for certain products).
   • Pros: Fully Sharia-compliant, global reach, easy to use for beginners, ethical screening of all investments.
   • Cons: Primarily an investment platform, not a direct payment gateway for businesses. withdrawal times can vary.
2. Amanah Finance

   • Key Features: Focuses on ethical and Sharia-compliant personal and business finance, often includes services like halal mortgages and business financing. While not a direct payment gateway, they provide the financial backbone.
   • Price: Varies based on service. typically competitive with conventional finance but structured to avoid interest.
   • Pros: Dedicated to Islamic finance, comprehensive solutions for various financial needs, transparent processes.
   • Cons: Not a payment processing network. may have limited geographic reach compared to global fintechs.

3. Islamic Bank of Britain (Al Rayan Bank)

   • Key Features: A fully Sharia-compliant bank operating in the UK. Offers current accounts, savings accounts, property finance, and business banking. While not a payment network, its business accounts can be integrated with other ethical payment solutions.
   • Price: No interest on current accounts, specific fees for services, profit rates on savings.
   • Pros: Regulated and trusted Islamic bank, wide range of banking services, strict adherence to Sharia.
   • Cons: Specific to the UK, not a global payment processor. integration with third-party payment systems may require due diligence.

4. LaunchGood

   • Key Features: A crowdfunding platform for Muslim-led projects and initiatives. While not a general payment processor, it provides a highly ethical way to raise and manage funds for permissible causes and businesses.
   • Price: Platform fees for successful campaigns (e.g., 5% platform fee).
   • Pros: Supports ethical entrepreneurship and charitable causes, strong community focus, transparent fundraising.
   • Cons: Limited to crowdfunding campaigns, not a general payment gateway for recurring transactions or e-commerce.

5. Stripe (with careful merchant screening) truelayer.com Review & First Look

   • Key Features: A globally recognized payment processing platform for online businesses. While not inherently “Islamic,” businesses using Stripe have the responsibility to ensure their own products/services are halal. Stripe itself has policies against certain forbidden categories (e.g., gambling, adult content), but may not be as stringent as Islamic finance.
   • Price: Standard transaction fees (e.g., 2.9% + $0.30 per successful card charge).
   • Pros: Widely integrated, robust features, reliable, supports many payment methods.
   • Cons: Requires the merchant to perform strict ethical screening of their own business and product offerings to ensure Sharia compliance. Stripe itself does not have a Sharia board.

6. PayPal (with careful merchant screening)

   • Key Features: A very popular online payment system for individuals and businesses worldwide. Similar to Stripe, PayPal processes payments for a vast array of merchants. Businesses must ensure their offerings are halal and that funds are used in permissible ways.
   • Price: Transaction fees (e.g., 2.99% + fixed fee for online sales).
   • Pros: High brand recognition, easy for consumers to use, global reach.
   • Cons: Not inherently Sharia-compliant. businesses using it must rigorously self-regulate for ethical adherence. Some of its features (like credit lines) are not permissible.

7. Modulus Financial (for bespoke solutions)

   • Key Features: Offers financial technology solutions, including trading platforms and payment systems, with the capability for custom development. For a business committed to Islamic finance, Modulus could potentially develop or customize a Sharia-compliant payment processing system.
   • Price: Custom development costs can be high, depending on project complexity.
   • Pros: Highly customizable, can be built from the ground up to meet strict Sharia requirements.
   • Cons: Not an off-the-shelf solution, requires significant investment in time and capital. mainly for large enterprises or specific fintech projects.