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The company was spun out of Al Baraka bank as an Islamic finance alternative with ethical banking principles. Islamic finance challenger banking proposition Insha has raised €2.5 million in funding from Turkish payments company Param. Insha claims it goes further than traditional Islamic finance by seeking to offer sustainable and ethical services to users.
Insha, founded in 2018, is currently available in Germany with the rest of Europe, including the UK, soon to follow. The company has grown its user numbers by 300% in the past year to around 42,000 customers, the company's CEO Yakup Seker said. The startup has offices in Berlin and Istanbul, and Insha will use the funding to expand its offering into the rest of Europe. The UK, for example, holds $19 billion in Islamic assets, according to Ernst and Young dataThe company will also focus on ethically compliant products including a service to buy and sell gold. This proposition is not solely digital as Insha will deliver the physical gold to customers' homes.
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