Open finance
Customer-permissioned sharing of financial data, and initiation of services, by licensed third parties through secure interfaces.
Open finance extends open banking beyond payment accounts to products such as savings, financing, insurance and investments, letting customers authorise licensed third parties to access their data or initiate services. The Central Bank of the UAE's Open Finance Regulation defines open finance services as data sharing and service initiation and makes both subject to the user's express consent, authentication and secure communication. For Islamic products, the same interfaces carry contracts with different structures underneath.
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.