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Islamic challenger bank insha launches in Germany

Monday 21 October 2019 14:40 CET | News

A new challenger bank has arrived on the scene in Germany with the launch of mobile-only insha, which focuses on interest-free Islamic banking, according to Alex Hamilton from  FinTech Futures, a digital and print publishing company based in the UK.

Based in Germany, the bank is a digital offshoot of Istanbul-headquartered Albaraka Türk Participation Bank, and was first developed in mid-2017 for the Turkish market. 

The new entrant claims to be the first interest-free digital banking provider in Europe and says that new users can sign up in eight minutes. It offers savings, donations and zakat calculations as standard. 

Albaraka and solarisBank underpin the technology and infrastructure of insha. Its debit card is provided by Mastercard.

For more information about the initiative, you can read the full announcement here.


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Keywords: Banking, digital, Islamic, banking, mobile, challenger, banks, insha, Europe, Germany, Turkey
Categories: Banking & Fintech | Payments General
Countries: Germany
This article is part of category

Banking & Fintech