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At first glance Insha is only a Fintech with a digital banking app, modern, chic, clear. German customers already know about N26 (formerly: Number 26) or or financial start-ups. On website, however, fifth word is already perplexing: interest free. Furr down it says: “Manage your money according to your wishes – and with your values!” At latest now: Insha is different from many banking.
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“Insha runs according to rules of Islamic banking,” explains Melikşah Utku, head of Albaraka Türk, who is responsible for project. So far, such offers in Germany and Europe hardly exist. Insha is first start-up and only second house in Germany, which manages money of its customers strictly according to rules of Islam; Until now, KT bank has only been doing this with branches in Berlin, Frankfurt, Mannheim and Cologne. KT, a subsidiary of Kuveyt Türk Katılım Bankası A.Ş., started 2015, and it also caused a stir.
Institutes acting in accordance with Islamic law have strict rules, for example, should not take interest. Investments in alcohol, tobacco, weapons or gambling are also haram (prohibited), such as speculation, for which, depending on interpretation, shares may already belong. If you pay with credit card of an Islam-compliant bank at an online casino, you have to reckon that your account will be terminated soon.
Both banks, both KT bank and Albaraka Türk, hope to find great business in Europe – at least re are more than 20 million Muslims in EU and thus many potential customers. Through refugee crisis, or Muslims have come to Germany. Stay longer, and that is likely to apply to many of you, you will need on short or long bank products. “Among refugees re is certainly a great potential,” says Osman Sacarçelik, lawyer in field of banking supervision law and an expert in Islamic banking at Deloitte legal.
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Moreover, both banks emphasize that one is a bank for all. In times when ethical and sustainable investments become more important, y also want to reach non-Muslims. Especially many younger bank customers are to be attracted by special kind of banking.
However, re is no uniform regulation of what is and is not in accordance with Islam. For, unlike Catholic Church, Islam has no firm head that could decide. Instead, each house has a ethics council (often in form of Sharia boards) that monitors transactions. In order to make profits without interest, banks enter so-called investment companies. For example, if a customer wants to buy a house, bank and customer will purchase it toger. The House n packs a financing fee on it and customer starts to buy back stakes from bank bit by bit until he owns house at end.
With Insha, KT Bank will now get competition in Germany for first time. The launch date for app is not yet fixed, but is apparently scheduled for July. In order for Insha’Allah to have no legal or technical problems with financial supervision, Solarisbank has brought a very special Fintech to boat. The Berlin finance start-up has as one of few a full-bank license. It will provide insha for a fee as well as its own platform, bank accounts and payment cards as well as legal framework for Insha plans of a digital Bankingplattform. That is, Insha does not need its own license, but must neverless abide by all European banking rules.
