Data holder
The licensed institution that holds a customer's data and must make it available to authorised providers with the customer's consent.
A data holder is a licensed institution holding user data, in the Central Bank of the UAE's definition, such as a bank, insurer or finance company. Under open finance rules it must share that data with authorised providers when the customer consents, through secure interfaces and with appropriate authentication. Its obligations include letting providers identify themselves, communicating securely and applying the customer authentication the regulation requires.
Sources
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
Data sharing (open finance)An open finance service that gives a customer a consolidated view of their data from one or more institutions.Open finance providerA firm licensed to offer data sharing or service initiation to customers under an open finance regime.API hubA central platform through which institutions and licensed providers connect for open finance, instead of many bilateral links.Strong customer authenticationVerifying a customer with at least two independent factors, such as something they know, have or are.