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.
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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