Customers today want online and app-based transactions to be quick, easy and efficient. Whether paying a telecoms bill, buying goods or services or even trading shares, millennial and Gen Z customers expect the process to be almost instantaneous.
Enter open banking, where third-party service providers can directly input a user's financial details to speed up the process and make it smooth.
The concept of open banking uses a technology called application programming interface (API) to enable third-party providers to access a customer's banking credentials directly through the app or platform being used, without the user themselves having to input sensitive account data. In practice, this means that if an app uses open banking, the transaction can be carried out quickly, easily and efficiently.
Recent statistics published by Juniper Research suggest that the value of open banking transactions will grow from $57 billion globally in 2023 to $300 billion by 2027 – a sizeable market indeed.
Banks across the globe are, although in a nascent stage, gearing up for faster adoption of open banking platforms. This trend is seen equally in conventional and Islamic banking, with lenders working alongside FinTechs to develop APIs and payment gateways that offer the levels of security needed to enable third-party providers to access sensitive financial data.
As with legacy banking, regulatory oversight and infrastructure exist for open banking. A framework for the governance of open banking platforms in the UAE has recently been established, which banks are gearing up to comply with. They are also using payment gateways to enable clients to pay utilities and services bills.
Why open banking?
Today’s customer demands agility when undertaking transactions, and siloed operations can negatively affect an organisation’s ability to meet that demand.
The key objective of integrating open banking is to provide efficient and complete financial services to customers without the need to shuffle between different apps to complete a single transaction. Open banking is used by many service providers, such as telecoms operators, utility providers and online trading platforms, as well as online and app-based retailers.
Beyond streamlining payments, open banking can also be used to amplify the customer experience in other ways. The technology behind the payment capability can be used to analyse data in order to personalise banking services.
Open banking creates opportunities for lenders to vastly improve the customer experience, to expand, and to generate new revenue streams as opportunities to collaborate with more third-party provider partners grow. By partnering with such providers, banks can have considerable impact on their customers’ experiences across more than just payments. In enabling access to data and data-sharing, banks can ensure customers can enjoy speed, convenience and efficiency when undertaking a number of tasks online and in-app.
Open banking and Islamic finance
So, is open banking compatible with Islamic finance? It is indeed. Open banking emphasises transparency, clarity and secure data sharing, as well as detailed disclosure. Islamic banking, with its focus on ethical, transparent financial practices, is poised to be the perfect partner.
Customers must acknowledge that their data will be shared with the third-party providers and agree for their bank to share such data, creating transparency and clarity for all parties. Banks must take every precaution to ensure that all shared data is subject to the highest levels of protection and security. All elements of open banking align with the principles of Islamic finance.
Of course, Islamic banks must also ensure that the third-party providers align with the tenets of Islamic finance. To assure compliance with Sharia principles for customers who wish to use open banking, Islamic banks must make sure all products, services and providers are strictly monitored and approved by Sharia governance units that are supervised by experienced boards comprising eminent scholars.
As with traditional banking, adopting open banking in Islamic finance has potentially far-reaching consequences. Open banking can enhance many products, services and solutions designed for Muslim customers, from Sharia-compliant FinTech and investment apps to those offering fulfilment of Zakat obligations. Furthermore, integrating open banking into Islamic finance can help drive inclusivity in the banking sector, particularly in areas with large unbanked or underbanked populations, which is a key priority for the Islamic finance sector.
With the value of open banking set to increase exponentially in the coming years, it is clear that Islamic banks must join traditional banks in partnering with third-party providers to expand its adoption.
It is a win-win situation for banks and customers. In adopting open banking, we can contribute immensely to the growth of Islamic banking and create far-reaching impact across both our customer base and the Islamic finance ecosystem itself.
Ibrahim Al Mheiri is head of Islamic banking at Mashreq
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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UAE currency: the story behind the money in your pockets
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Killing of Qassem Suleimani
More coverage from the Future Forum
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Mohammed bin Zayed Majlis
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
UAE currency: the story behind the money in your pockets
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Abu Dhabi GP weekend schedule
Friday
First practice, 1pm
Second practice, 5pm
Saturday
Final practice, 2pm
Qualifying, 5pm
Sunday
Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
