Open Finance is a new initiative being rolled out under the guidance of the Central Bank of the UAE. Open Finance gives you more control over your financial information by allowing you to securely share your account and transaction details with authorised Third-Party Providers – only with your explicit consent.
As the UAE’s leading Islamic Bank for over 50 years, we remain committed to protecting your privacy and ensuring all Open Finance activities are fully compliant with Sharia principles and UAE regulations.
Your trust and security always come first.
Open Finance is a secure way of sharing your financial data with authorised third-party providers. This sharing happens only when you provide explicit consent and is designed to give you more freedom and choice over how you use your financial information.
The main objective of Open Finance is to give you greater control, transparency, and access to your financial data. By doing so, you can explore innovative financial products from apps and services that you trust.
Yes. Open Finance is introduced under the supervision of the Central Bank of the UAE. All banks in the UAE, along with other licensed financial entities, are required to participate in this program.
Your data remains secure at all times:
The following FAQs have been provided by Nebras (the operator of the central platform for Open Finance in the UAE), they are designed to help you understand how Open Finance works and what it means for you. It covers key topics such as protecting your data, the organizations involved, and the regulations that govern it..
Open Finance gives you control over your financial data and services. With your permission, it lets you securely share your bank, insurance, mortgage, and other financial information with and initiate services via regulated providers to access more personalized, innovative, and convenient financial services.
Open Finance is known as AlTareq in the UAE. You will see this name and logo when using Open Finance services provided by banks or insurers, exchange houses or brokers, and Third-Party Providers. Examples include:
The Central Bank of the UAE (CBUAE) launched Open Finance to modernize the financial sector and give you more choice and convenience. AlTareq, the name for Open Finance in the UAE, will offer functionality that securely connects all Licensed Financial Institutions and Third-Party Providers/ apps via a central platform. Open Finance will support four key functionalities including data sharing, quote generation, service and transaction initiation, and onboarding to Licensed Financial Institutions.
With your explicit consent, Open Finance allows regulated Third-Party Providers to securely connect to banks, insurance companies, exchange houses and other. The connection is made via an API (Application Programming Interface); this is the same type of connection your mobile phones uses to connect your photos app to your social media apps, however we add the highest grade of security to the connection. This enables Third-Party Providers to offer enhanced financial products and services tailored to your needs.
Open Finance empowers both individuals and businesses by providing them with access to an enhanced range of financial products and services.
You can access Open Finance services through regulated Third-Party Provider apps or platforms if you give consent for data sharing/ service initiation to a specific provider.
The AlTareq Consent Mobile App allows you to give permission and manage what financial data you share through Open Finance. It’s a trusted, centralized app that lets you approve payments, share data, and control all your consents, in one place, across Licensed Financial Institutions and Third-Party Providers.
No. Open Finance is completely voluntary. You actively give consent before any data is shared or services are provided. You can manage or cancel your consent at any time through:
Open Finance enhances how you access and leverage financial services through:
You can find additional details on the Nebras website.
Yes — your safety and privacy are at the heart of Open Finance. Only providers that are licensed and regulated by the Central Bank of the UAE (CBUAE) can access your data, and only with your clear, informed consent. Open Finance is built with world-class levels of protection, using advanced security tools like multi-factor authentication and encryption to ensure your information and financial services stay private and secure.
Open Finance uses multiple layers of protection to ensure security:
Multi-factor authentication adds an extra layer of security to verify your identity when giving consent to data sharing or service initiation. It requires you to provide at least two of the following forms of identification:
Consent will be initiated through your Third-Party Provider’s app and consent authorization will be confirmed either through your Licensed Financial Institution’s app or the AlTareq Consent Mobile App. You can view, pause, or cancel your consent at any time through any of the abovementioned platforms.
With your consent, Open Finance allows the sharing of:
You can revoke or temporarily suspend consent through:
You can view, pause, or cancel your consent at any time.
Consent automatically expires after a maximum of one year. You will need to extend consent if you want the AlTareq-based services to continue. You can also temporarily suspend or completely revoke consent at any time through your Licensed Financial Institution/ Third-Party Provider platform or the AlTareq Consent Mobile App, giving you control over your data sharing preferences and service initiation permissions.
You have control over your personal data. You decide who sees your data, what they see, and when they can see it. You can stop access at any time and when you do, the Third-Party Providers are obliged to delete your data which is not required to be retained by law or regulation.
Yes, the CBUAE Open Finance Regulation establishes a comprehensive framework for the licensing, supervision, and operation of Open Finance in the UAE. It outlines the requirements and license conditions for Open Finance Third-Party Providers, ensuring that only regulated organizations can engage in data sharing and service initiation. For more detailed information, please refer to the Open Finance Regulation.
If a breach happens, the bank, insurer, or Third-Party Provider must notify you immediately and address the issue. Open Finance uses centrally operated security measures to prevent this from happening. There is a comprehensive liability model for AlTareq which compensates users in the event of any performance issue or security breach in addition to the protection provided by UAE law.
If suspicious activity is detected, the Licensed Financial Institution may trigger security protocols, such as requiring additional authentication, temporarily blocking transactions, or notifying the user for manual verification. If fraudulent activity is confirmed, the concerned Licensed Financial Institution or Third-Party Provider must take corrective action.
You can find this information in the AlTareq directory on the Nebras website.
Open Finance supports initiating a variety of payments with your explicit consent, including single instant payments, recurring transactions, bulk payments, future-dated transfers, and international payments. Your bank or other Licensed Financial Institution will still make the payment initiated by the Third-Party Provider.
You can track Open Finance payments through your Licensed Financial Institution’s platform or the Third-Party Provider that initiated the transaction. You can check if a payment has been completed, failed, or is still pending through their transaction history.
If an Open Finance payment fails, the concerned Third-Party Provider or Licensed Financial Institution will notify you of the failure. Possible reasons include insufficient funds, authentication errors, or a processing error at the receiving institution. The Third-Party Provider or Licensed Financial Institution will guide you on corrective actions. You can also check the payment status through their provider's transaction history.
Licensed Financial Institutions and Third-Party Providers are required to deliver a consistent and user-friendly digital experience by Nebras. The standardized experience includes helpful features such as:
To address issues encountered with Open Finance-related activities, you should first raise the concern with the relevant Licensed Financial Institution or Third-Party Provider involved. If the Licensed Financial Institution or Third-Party Provider have a resulting issue between each other, this will be reviewed and determined by Nebras and the Central Bank of the UAE (CBUAE). If your issue is not resolved by these processes, you can escalate the matter to Sanadak for further assistance.
Sanadak is an impartial entity dedicated to investigating and resolving complaints from users in the financial services sector, ensuring a fair and unbiased dispute resolution process. It will also be the first financial and insurance ombudsman unit in the Middle East and North Africa (MENA) region, setting a new standard for consumer protection in the region.
Sanadak handles two types of user complaints:
Data Sharing Issues:
Service Initiation Issues:
