Islamic financial institution Abu Dhabi Islamic Bank (ADIB) has introduced Open Finance, further advancing financial services as part of its Vision 2035.
The implementation represents a milestone in the UAE’s Open Finance strategy under the Central Bank of the UAE’s (CBUAE) AlTareq. ADIB positions itself among the first financial institutions across the region to roll out Open Finance, underlining its commitment to improving customer experience through partnerships, simplified digital banking, and innovative solutions.
Opportunities and future strategy
Through this move, ADIB is set to be able to facilitate more opportunities for customers to benefit from and manage their financial services. Also, the initiative assists the CBUAE’s efforts to scale the digital ecosystem under its 2023-2026 strategy.
With Open Finance, consumers receive increased visibility and control over their finances, while also accessing a broader range of services, making informed financial decisions, and getting integrated digital experiences across the banking sector.
At the time of writing, the first phase of the launch has been successful and covers regulatory and technical requirements. Financial transactions are processed through secure, CBUAE-certified API frameworks. When it comes to its future strategy, ADIB intends to continue to grow customer journeys enabled by Open Finance to boost financial transparency, optimise the decision-making process for customers, and offer a simplified digital experience across accounts, products, and institutions.
Further expanding on the move, Mohamed Abdelbary, Group Chief Executive Officer of ADIB, stated that the financial institution positions itself among the first Islamic banks to adopt Open Finance and aims to actively contribute to the CBUAE’s agenda to develop a more customer-centric, transparent, and advanced financial ecosystem. By being an early adopter, ADIB sees Open Finance not only as a regulatory milestone but as a strategic opportunity to augment the value proposition it offers to customers and partners. Additionally, the implementation directly falls in line with ADIB’s Vision 2035 and its commitment to creating a trusted and digitally-enabled Islamic bank, while strengthening its presence across the region.
