Bank-backed neobanks are giving traditional organizations the opportunity to cater to specific audiences, usually younger tech-savvy audiences. But lately, more banks are realizing that a digital platform free from a legacy system can provide more opportunities for personalization. One such example of this is the Turkish bank Albaraka Turk, which launched a digital-only bank in Germany today.

The bank is called Insha, and caters specifically to a young Muslim community, Bank Innovation has learned.

To create Insha, Albaraka tapped into German banking solutions and platform provider solarisBank.

In an email to Bank Innovation, Philipp Blankenagel, head of communications at solarisBank, said:

“For this, they did not apply for their own banking license but used our platform, technology and license, to get this project off the ground. Another interesting aspect about this project is that Insha will be a fully digital and interest-free challenger bank, making it accord with the Islamic banking standards.”

As of today. Insha is live in Germany on iOS and Google. However, over the next year, Albaraka will start rolling out the bank in other parts of the European market, which has about 20 million Muslims, according to the announcement.

The neobank provides many features typical to neobanks, as well as some specifically for a Muslim audience, such as Zakat Calculator, which helps calculate the donation amount as well as a Nearest Mosque locator, among other things.

Other features include three free ATM withdrawals per month, ten free money transfers in SEPA (Single Euro Payments Area), chat features and a Mastercard-powered debit card.

The app is currently available in English, German and Turkish. Albaraka and solarisBank are currently working on adding Arabic language to the app as well.

In the announcement statement, Yakup Sezer, managing director at Insha, said:

With insha, we are providing users with a product to solve their everyday financial needs in a few minutes. From opening an account to using banking services, the entire process is digital and fast. But we also understand our users’ needs beyond financial services and have developed a range of functionalities, which will make the daily lives of users easier. Insha supports its users in everyday tasks and offers prompt support if questions arise. In short, using Insha is like chatting with friends.