---
title: "What is Open finance provider? | IslamicOpenFinance™"
description: "A firm licensed to offer data sharing or service initiation to customers under an open finance regime."
url: https://islamicopenfinance.com/glossary/open-finance-provider/
lang: en-GB
source: "IslamicOpenFinance"
---

[Glossary](https://islamicopenfinance.com/glossary/) / [Open finance and APIs](https://islamicopenfinance.com/glossary/#open-finance)

Open finance and APIs

# Open finance provider

A firm licensed to offer data sharing or service initiation to customers under an open finance regime.

An open finance provider is a legal entity licensed by the regulator to carry on open finance services, meaning data sharing, service initiation or both, as the Central Bank of the UAE's regulation puts it. Providers must meet governance, risk management, data protection and security requirements. They are distinct from the licensed institutions that hold customers' accounts and products.

## Sources

- [Central Bank of the UAE Rulebook, Open Finance Regulation: Article 1, Definitions, Open Finance Provider](https://rulebook.centralbank.ae/en/rulebook/open-finance-regulation)

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

[**Open finance** Customer-permissioned sharing of financial data, and initiation of services, by licensed third parties through secure interfaces.](https://islamicopenfinance.com/glossary/open-finance/) [**Data holder** The licensed institution that holds a customer's data and must make it available to authorised providers with the customer's consent.](https://islamicopenfinance.com/glossary/data-holder/) [**Regulatory sandbox** A regulator's framework for testing new financial products with real customers, under agreed conditions and close supervision.](https://islamicopenfinance.com/glossary/regulatory-sandbox/) [**Consent (open finance)** The customer's explicit, informed permission for a provider to access specified data or initiate a transaction.](https://islamicopenfinance.com/glossary/consent/)

**Open finance and APIs**

1. [Open finance](https://islamicopenfinance.com/glossary/open-finance/)
2. [Application programming interface (API)](https://islamicopenfinance.com/glossary/api/)
3. [Consent (open finance)](https://islamicopenfinance.com/glossary/consent/)
4. [Data sharing (open finance)](https://islamicopenfinance.com/glossary/data-sharing/)
5. [Service initiation](https://islamicopenfinance.com/glossary/service-initiation/)
6. [Data holder](https://islamicopenfinance.com/glossary/data-holder/)
7. [API hub](https://islamicopenfinance.com/glossary/api-hub/)
8. [Strong customer authentication](https://islamicopenfinance.com/glossary/strong-customer-authentication/)

[All 221 terms](https://islamicopenfinance.com/glossary/)