The industry has grown and grown out of its infancy. There are so many companies that shape the industry but not all are equally known. Who are the companies that are the glue between finance and digital technologies? In our series “FinTech companies” we give companies or start-ups from the payment and banking industry the opportunity to introduce themselves.
insha GmbH
Insha GmbH currently offers a checking account, through which the customer can effect his payment transfer (SEPA and Turkey transfers), card payments (MasterCard) and cash withdrawals. All transactions are recorded transparently in the intuitively simple insha app for the customer.
insha GmbH is one of the nominated companies of the “Fintech of the Year 2018”.
Name of the product (s): insha “Insha stands for dynamic and energetic banking with intuitive application and secure banking services.” Insha GmbH
The business model of insha
The first Islamic fintech in Germany, which provides innovative banking and financial services in cooperation with solarisBank. In the medium term, all traditional banking services will be offered successively. The insha is committed to the principles of Islamic banking, which i.a. does not allow any business of the arms industry, alcohol or gambling and also prohibits interest and speculation. Therefore, financing is implemented via a trade structuring or participations. This, in turn, has the important economic consequence that the funds are forced to flow into the real sector. Thus, the investments made in this way are sustainable and offer greater security, since every cash flow is underpinned by a real estate.
insha: the founders & investors
The 100% investor is Albaraka Türk Beteiligungsbank, which is a pioneer of Islamic banking in Turkey. It is part of the Albaraka Group, which operates globally and is one of the industry’s leading players. The main partner is the solarisBank, which itself pursues an absolutely innovative business model and with its license and infrastructure enables other market players to provide banking services.
Milestones: what insha has achieved so far
End of September 2018: Official launch of the insha with innovative App and MasterCard
Early November 2018: Sofortüberweisung, transfer to e-mail addressee, certified calculation of wealth donation for Muslims
January 2019: Turkey transfer and standing orders
What makes insha so special?
Insha pursues an ethical, sustainable business model, is a pillar of the real economy, and offers its services through an intuitively simple, cost-efficient digital platform.
Also published on Medium.