Abu Dhabi Islamic Bank, a leading provider of Islamic financial services, has officially obtained a license to offer open finance services as a licensed third-party provider (TPP). This makes it the first bank in the UAE to receive such a license under the Central Bank of the UAE’s “Tariq” open finance initiative. This achievement marks a significant milestone in the bank’s digital transformation journey, supporting its vision for 2035 to create a “bank of the future.”
This license allows customers to consolidate their account data from various banks into a single secure interface, enabling them to share their financial information with consent. This provides a comprehensive view of their financial status. The service adheres to the highest standards of information security and data protection, enhancing a smoother and more flexible digital banking experience.
This development aligns with the Central Bank of the UAE’s strategy for 2023–2026, aimed at building a more integrated and connected digital financial ecosystem centered on customer needs. It also reinforces Abu Dhabi Islamic Bank’s commitment to innovation and the advancement of comprehensive digital services that enhance the user experience.
Through the “Tariq” initiative, the bank plays a dual role within the financial ecosystem, maintaining its obligation as a regulated banking institution to manage customer data according to the highest governance and compliance standards while simultaneously expanding its digital services to empower customers in managing their accounts across multiple banks using digital channels.
Customers will benefit from the integration of their financial data on a single platform, allowing for more efficient financial management and enhancing their ability to make informed financial decisions. This also supports the development of tailored solutions and services based on a deeper understanding of their needs.
The “Tariq” initiative provides a regulatory framework that enables secure sharing of financial data among licensed financial institutions, governed by strict controls based on customer consent and advanced data protection mechanisms.
This achievement extends the bank’s digital transformation strategy, which has recently included the launch of advanced digital services such as immediate preliminary approval for home financing and instant issuance of digital cards, enhancing transaction speed and ease without manual intervention.
Commenting on this achievement, Mohamed Abdulbari, CEO of Abu Dhabi Islamic Bank Group, stated that acquiring the open finance license is a pivotal step in the journey to building the bank of the future. It enhances the bank’s ability to provide smarter, faster, and more flexible solutions while ensuring the highest levels of security and compliance. He added that this step positions the bank as a leader in the rapidly evolving digital financial services landscape, supporting its aim to deliver a more connected and innovative banking experience.
The “Tariq” initiative showcases the progress made by the UAE in the field of financial digital transformation by establishing a comprehensive regulatory framework for open finance, thereby enhancing the country’s status among the top global hubs for developing digital financial systems.
Moving forward, Abu Dhabi Islamic Bank is expected to continue expanding its open finance-based services by gradually adding new features and use cases, thereby enhancing financial transparency and enabling customers to manage their financial affairs more efficiently and clearly within a unified digital ecosystem.