Insha

Insha is a digital banking platform operating on the principles of ethical and interest-free finance, inspired by Islamic banking tenets. Founded in 2018 by Yakup Sezer, Insha operates as a spin-off of Albaraka Türk Participation Bank, a traditional Turkish bank. This strategic initiative marked Albaraka Türk's entry into the European digital banking market, aiming to serve the continent's large Muslim community and other ethically-conscious consumers.

The company is headquartered in Berlin, with an additional office in Istanbul. Its market entry began in Germany, built upon the banking-as-a-service infrastructure of solarisBank AG, which provides the necessary licensing and regulatory compliance. The platform's business model focuses on providing a fully digital, branch-free banking experience through a mobile application. This model eliminates the need for physical documentation and in-person visits, allowing users to open an account in minutes. Revenue is generated from standard banking fees, excluding interest-based charges, and potentially from profit-sharing on Sharia-compliant investment products.

Insha's core service is a digital account that offers standard features like money transfers, bill payments, and a debit card. What distinguishes the service is its strict adherence to ethical principles; deposits are not reinvested in sectors such as arms manufacturing, and the bank does not engage in interest-bearing loans. The platform also provides unique, value-aligned features, including a Zakat calculator to assist with charitable obligations and a tool to locate nearby mosques. In 2020, the company secured €2.5 million in a seed funding round led by Turkish payment service provider Param to fuel its European expansion and product development. This funding followed significant user growth, with a reported 300% increase in its German user base to over 40,000 in early 2020.

Keywords: ethical banking, Islamic finance, digital banking, fintech, neobank, Sharia-compliant, interest-free banking, Albaraka Türk, Yakup Sezer, mobile banking, financial services, Berlin startup, sustainable finance, value-based banking, Zakat calculator, digital account, payment services, European fintech, German fintech, mobile payments