The bank launched its branch-free insha service through its Turkish subsidiary Albaraka Turk.
Bahrain’s Al Baraka Banking Group has launched a digital banking service in Germany with plans to offer its interest-free financial services across Europe.
In a statement, the lender stated that insha will provide basic banking services such as opening bank account, account management, debit card, payment and wire transfers.
Meliksah Utku, Albaraka Turk’s General Manager, said that the bank aims to provide convenience to Turkish citizens and other Muslim communities in Germany with a complete experience of branch-free and digital banking services.
Comprising solely of digital processes and digital products, insha removes the requirement of having physical documentation or going to the bank branch and allows to open an account in a few minutes.
“First stop is Germany; our goal is whole Europe,” added HE Adnan Ahmed Yousif, the Chairman of Board of Directors of Albaraka Turk.
Islamic finance follows religious principles, such as a ban on interest and speculation, with the industry’s core centres in the Middle East and Southeast Asia.