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. (more…)