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October 1, 2018

Bahrain’s Al Baraka Banking Group rolls out digital bank in Germany

Bahrain’s Al Baraka Banking Group has introduced digital banking services in Europe with the launch of its ‘insha’ project in Germany.

The Islamic lender launched insha through its Turkish subsidiary Albaraka Turk to offer interest-free digital banking services in Europe.

With insha, Al Baraka Banking Group aims to cater to the Muslim community living across the continent with Islamic Shari’a compliant banking services.

Albaraka Turk General Manager Meliksah Utku was quoted by the news agency as saying: “Our first stop is Germany, our aim is to provide these services to the Muslim communities around Europe.”

Initially, insha will offer basic services including bank account management, debit card, money transfers and online payments.

In the second phase, it will roll out other Islamic banking services for customers. It will also aim to encourage participation in banking across Europe through digital and conventional channels.

insha utilises main banking infrastructure of solarisBank, a licensed fintech company based in Berlin.

As all of its services are offered through digital channel, the bank eliminates the need of physical documentation or visiting the branch to receive banking services.

Currently, the services are being offered in German, Turkish and English. Arabic is expected to be introduced soon as a supporting language.

Users can download the insha app from the app store and Google Play.

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