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
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
More on Quran memorisation:
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
UAE currency: the story behind the money in your pockets
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Killing of Qassem Suleimani
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Honeymoonish
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Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
UAE currency: the story behind the money in your pockets
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Killing of Qassem Suleimani
Killing of Qassem Suleimani
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
BIG SPENDERS
Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Copa del Rey
Semi-final, first leg
Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')
Second leg, February 27
Hidden killer
Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.
The World Health Organisation estimates it affects about 30 million people each year and that about six million die.
Of those about three million are newborns and 1.2 are young children.
Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.
Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill
The Specs:
The Specs:
Engine: 2.9-litre, V6 twin-turbo
Transmission: 8-speed automatic
Power: 444bhp
Torque: 600Nm
Price: AED 356,580 incl VAT
On sale: now.
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
