Abu Dhabi Islamic Bank (ADIB), a global leader in Islamic finance, has announced a landmark achievement in its digital transformation journey. In alignment with its Vision 2035, ADIB has officially become the first Islamic bank in the UAE to implement Open Finance under the Open Finance Initiative AlTareq, a strategic project led by the Central Bank of the UAE (CBUAE). This rollout marks a significant turning point for the nation’s financial sector, advancing the UAE’s goal to build a world-class, data-driven digital ecosystem as part of the CBUAE’s 2023–2026 strategy.
What is the Open Finance Initiative AlTareq?
The Open Finance Initiative AlTareq is the UAE’s standardized framework designed to unify the digital financial landscape. While Open Banking focuses primarily on payment accounts, Open Finance expands this scope to include insurance, pensions, investments, and credit.
Governed by the Nebras platform, the UAE’s national Open Finance trust framework, AlTareq serves as the standardized user interface layer. It ensures that when a customer interacts with any bank or third-party provider, the experience of giving consent and sharing data is consistent, secure, and transparent. By using CBUAE-certified API frameworks, AlTareq allows for the secure, cross-sectoral sharing of financial data and the initiation of transactions directly from bank accounts.
ADIB Pioneers Shariah-Compliant Open Finance
ADIB’s implementation of Open Finance represents a major milestone in Shariah-compliant banking. By integrating with the Open Finance Initiative AlTareq, the bank has successfully completed its first phase of technical and regulatory readiness. This includes deploying secure APIs that enable ADIB customers to connect their financial data to authorized third-party providers (TPPs) in real time.
What it Means for the Users
The shift to an Open Finance model brings several tangible benefits to ADIB customers and the wider UAE public:
Total Financial Visibility
Users can now aggregate their financial information from multiple institutions, including banks, insurers, and investment firms, into a single dashboard for a 360-degree view of their wealth.
Enhanced Control & Consent
Through the AlTareq interface, customers have absolute authority over who sees their data and for how long, with the ability to revoke access at any time.
Faster, Cardless Payments
The framework enables ‘Pay By Bank’ (Account-to-Account) transactions, allowing users to pay for services directly through their banking app without needing to enter card details.
Personalized Financial Insights
By sharing data securely, users can receive hyper-personalized product recommendations, better profit rates, and more accurate financial planning advice tailored to their specific spending patterns.
About ADIB
Abu Dhabi Islamic Bank (ADIB) is a leading Islamic bank with a strong track record of innovation and growth. With more than AED 190 billion in assets, ADIB provides a wide range of Shariah-compliant retail, corporate, and private banking solutions. The bank is recognized globally for its digital-first approach, consistently ranking as one of the most innovative financial institutions in the MENA region.
Bottom Line
The successful integration of the Open Finance Initiative AlTareq by ADIB signals a new era of transparency and competition in the UAE’s financial sector. As the country moves closer to the maturity of its Nebras framework, the collaboration between regulators and pioneering institutions like ADIB ensures that the UAE remains a global leader in financial technology. For the consumer, this means a more empowered, secure, and seamless way to manage their money in a rapidly evolving digital world.
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