Natural fliers like bats exploit the complex fluid-structure interaction between their flexible membrane wings and the air with great ease. Yet, replicating and scaling the balance between the structural and fluid-dynamical parameters of unsteady membrane wings for engineering applications remains challenging. In this study, we introduce a novel bio-inspired membrane wing design and systematically investigate the fluid-structure interactions of flapping membrane wings. The membrane wing can passively camber and its leading and trailing edges rotate with respect to the stroke plane. We find optimal combinations of the membrane properties and flapping kinematics that out-perform their rigid counterparts both in terms of increased stroke-average lift and efficiency but the improvements are not persistent over the entire input parameter space. The lift and efficiency optima occur at different angles of attack and effective membrane stiffnesses which we characterise with the aeroelastic number. At optimal aeroelastic numbers, the membrane has a moderate camber between 15% and 20% and its leading and trailing edges align favourably with the flow. Higher camber at lower aeroelastic numbers leads to reduced aerodynamic performance due to negative angles of attack at the leading edge and an over-rotation of the trailing edge. Most of the performance gain of the membrane wings with respect to rigid wings is achieved in the second half of the stroke when the wing is decelerating. The stroke-maximum camber is reached around mid-stroke but is sustained during most of the remainder of the stroke which leads to an increase in lift and a reduction in power. Our results show that combining the effect of variable stiffness and angle of attack variation can significantly enhance the aerodynamic performance of membrane wings and has the potential to improve the control capabilities of micro air vehicles.