In a region where traditional banking still dominates, the future of finance is arriving fast—and it’s digital, open, and competitive. With Open Finance poised to transform how customers interact with banks, institutions that are ahead in digital infrastructure will be the ones to watch.

Open Finance is a revolutionary shift, allowing customers to view all their banking relationships—across institutions—in one consolidated platform. For banks, this means unprecedented transparency. Customers will be able to compare offers in real time: profit rates, turnaround times, and product availability. And this is a fast-approaching reality. The question is – are banks ready to face and embrace it?

At Mashreq, we’ve made significant investments to ensure we’re not just ready—we’re ahead of the market. Our customers can already access a full suite of Islamic financial products digitally: opening accounts, credit cards, mortgage financing, investments, sukuk applications, even accessing international trading markets. That gives us a unique edge once Open Finance platforms go live. We’ll be the first stop for any customer seeking fast, compliant, and digitally enabled Islamic finance.

The coming wave isn’t just about openness—it’s also about inclusivity. Take sukuk investments: traditionally reserved for high-net-worth individuals with minimum requirements of USD 250k, we’re soon going to introduce fractional sukuk, enabling access with as little as USD 1k. This is how you democratize finance. Customers will be able to participate through their smartphones, breaking down barriers that once excluded the many in favor of the few.

We’re also expanding access to global and local equity markets—NASDAQ, S&P, DFM, ADX—right from our Islamic banking platform. Soon, customers will be able to invest in gold, tokenize assets, and even engage in peer-to-peer finance—all Sharia-compliant, all facilitated through our digital ecosystem.

Is this going to challenge traditional banking models? Absolutely. But that’s exactly the point. Those still adapting to digital banking will find themselves scrambling to catch up. Open Finance won’t just reward innovation—it will expose complacency. The banks that thrive will be those who see transparency as a competitive advantage, not a liability.

Ibrahim Al Mheiri

Head of Islamic Banking at Mashreq

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