The Bank of England has raised interest rates to their highest level in nearly a decade, despite mounting fears of a "no-deal Brexit". The upping of the official rate from 0.75 per cent to 0.5 per cent also gives the BoE room to move following Brexit. It cited the lowest unemployment rate since the mid-1970s as justification, fearing upward pressure on wages. It said now was the time to focus on taming inflation, reports the FT. A new interest-free digital banking app is targeting the Muslim community across Europe, reports Finextra. The Insha app is built on the solarisBank banking platform is initially being rolled out in Germany but plans to go Europe-wide. It features document-free account opening and comes with a debit card. It has been launched by Turkey's Albaraka Turk. HSBC is to sell its client-checking software through US outsourcing company EXL, reports the FT. The bank's new "Know Your Customer" compliance system, which "combines robotic process automation and machine learning technologies" will be pitched to rival banks and financial institutions - including those keen to avoid HSBC's fate in 2012 when it was fined almost US$2 billion and narrowly avoided criminal charges after at least US$881 million in drug trafficking proceeds from Mexican and Columbian drug cartels was laundered through the bank.