Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has become the first bank in the UAE to receive a Third-Party Provider (TPP) license. The license was granted under the UAE Central Bank’s AlTareq Open Finance initiative, placing ADIB at the center of the country’s push toward a more connected digital banking system.
Quick Facts
- First bank licensed under the UAE’s AlTareq initiative.
- Enables secure aggregation of multi-bank account data.
- Supports ADIB’s Vision 2035 to build a future-ready bank.
A Dual Role in the UAE’s New Financial Ecosystem
The TPP license allows ADIB to securely aggregate customer-permissioned account data from other banks, offering users a single, consolidated view of their finances through the ADIB interface. This move supports the Central Bank of the UAE’s 2023–2026 strategy to advance a more connected national digital ecosystem.
Under the AlTareq initiative, ADIB will now operate in a dual capacity. It continues its role as a regulated bank, safeguarding customer accounts and data according to Central Bank standards. Simultaneously, as a licensed TPP, ADIB can now extend its digital channels to let customers view and manage accounts held with other financial institutions, simplifying financial oversight for its users.
What Open Finance Means for ADIB Customers
For customers, this integration promises a more streamlined banking experience. The ability to view accounts from different banks in one place simplifies financial management and decision-making. Access to aggregated financial data also allows ADIB to better understand customer behavior, enabling the development of more tailored solutions and products.
The bank has already been working on its digital transformation, recently improving its fully digital onboarding for Home Finance Approval and Card journeys. These processes allow new and existing customers to complete applications in minutes.
Mohamed Abdelbary, Group Chief Executive Officer of ADIB, commented on the development, stating, “Becoming the first bank licensed as a Third-Party Provider under the UAE’s AlTareq Open Finance initiative is a strategic step in building the bank of the future. It enables us to deliver more connected, faster and more personalised solutions for our customers, while maintaining the highest standards of security and regulatory compliance.”
About Abu Dhabi Islamic Bank (ADIB)
Abu Dhabi Islamic Bank PJSC (ADIB) is a leading Islamic bank in the UAE with assets of AED 281 billion. Established in 1997, the bank offers a full suite of financial solutions for retail, corporate, business, and private banking. ADIB has a regional presence across six markets, including Egypt, Saudi Arabia, the United Kingdom, Qatar, and Iraq.
Source: Zawya
