Open finance and APIs

Consent withdrawal (open finance)

A user's right to withdraw open finance consent at any time, which providers must explain when consent is given.

Consent withdrawal is a user's right to end the permission given to an open finance provider. The Central Bank of the UAE's Open Finance Regulation requires consent to be able to be withdrawn by the user at any time and for any reason on notice to the provider, requires the provider to explain this right and how to use it when consent is obtained, and says withdrawal should not take undue effort. For Islamic products the effect is the same as for any other: after withdrawal, no further data may be fetched and no new instructions initiated under that consent.

Sources

Central Bank of the UAE Rulebook, Open Finance Regulation: consent requirements, withdrawal of consent

This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.

Related terms

Consent (open finance)The customer's explicit, informed permission for a provider to access specified data or initiate a transaction.Data sharing (open finance)An open finance service that gives a customer a consolidated view of their data from one or more institutions.Service initiationAn open finance service in which a licensed provider initiates a transaction on a customer's account or product, with consent.Open finance providerA firm licensed to offer data sharing or service initiation to customers under an open finance regime.Unauthorised transaction (open finance)A transaction that the user did not consent to, whether it was executed or only initiated.