Data sharing (open finance)
An open finance service that gives a customer a consolidated view of their data from one or more institutions.
Data sharing is the open finance service in which a licensed provider retrieves a customer's data from the institutions that hold it and presents it to the customer. The Central Bank of the UAE's Open Finance Regulation defines it as an online service providing a user with consolidated user data relating to accounts or products held with a data holder. It supports uses such as personal finance dashboards, affordability checks and zakat calculations.
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 holderThe licensed institution that holds a customer's data and must make it available to authorised providers with the customer's consent.Consent (open finance)The customer's explicit, informed permission for a provider to access specified data or initiate a transaction.Open financeCustomer-permissioned sharing of financial data, and initiation of services, by licensed third parties through secure interfaces.ZakatAn obligatory annual contribution on qualifying wealth above a minimum threshold, paid to specified categories of recipients.