Interest-free, still interesting.
A new German challenger bank has launched with the aim of capturing Europe’s Muslim community left underserved by interest-based digital banks like N26.
Insha, based in Berlin, instead charges fees for ATM withdrawals and certain money transfers, which enables its core service to be free.
The startup is actually a digital offshoot of Albaraka Türk Participation Bank based in Istanbul and was originally developed for the Turkish market.
Insha also has several unique features aimed at benefiting its Muslim target market, including a Zakat calculator to help with the religion’s practice of alms-giving, a nearest Mosque tracker, a Qibla finder to help with worship, and a daily prayer schedule.
As the company writes on its blog: “If you can choose your meals according to your values, why wouldn’t you be able to choose your banking according to your values.”
“Insha places the daily life of a Muslim in the centre of its interest and is always there for you.”
Yakup Sezer is managing director of the 20-person team behind Insha from the startup’s Berlin headquarters.
Alongside Albaraka, solarisBank also underpins the technology behind Insha, while its debit card is provided by Mastercard.