Skip to content
Islamic Open Finance™

Privacy Policy

Privacy Policy

Section titled “Privacy Policy”

Effective Date: January 1, 2025

Last Updated: January 30, 2025

1. Introduction

Section titled “1. Introduction”

Islamic Open Finance™ (“we,” “our,” or “us”) is committed to protecting your privacy. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use our platform and services.

2. Information We Collect

Section titled “2. Information We Collect”

2.1 Information You Provide

Section titled “2.1 Information You Provide”
  • Account Information: Name, email address, phone number, company name
  • Identity Verification: Government-issued ID, proof of address (for KYC requirements)
  • Financial Information: Bank account details, transaction history
  • Communication Data: Support inquiries, feedback, correspondence

2.2 Information Collected Automatically

Section titled “2.2 Information Collected Automatically”
  • Usage Data: API calls, feature usage, session duration
  • Device Information: IP address, browser type, operating system
  • Log Data: Access times, pages viewed, error logs
  • Cookies: Session management, preferences, analytics

2.3 Information from Third Parties

Section titled “2.3 Information from Third Parties”
  • Identity Verification Services: KYC/AML screening results
  • Financial Institutions: Transaction verification data
  • Business Partners: Integration and referral data

3. How We Use Your Information

Section titled “3. How We Use Your Information”

We use collected information to:

  • Provide and maintain our Services
  • Process transactions and manage accounts
  • Verify identity and comply with KYC/AML requirements
  • Send service notifications and updates
  • Improve and personalize user experience
  • Detect and prevent fraud and security threats
  • Comply with legal and regulatory obligations
  • Enforce our Terms of Service
Section titled “4. Legal Basis for Processing (GDPR)”

For users in the EEA, we process personal data based on:

  • Contract Performance: To provide Services you requested
  • Legal Obligations: To comply with financial regulations
  • Legitimate Interests: To improve Services and prevent fraud
  • Consent: For marketing communications (where required)

5. Information Sharing

Section titled “5. Information Sharing”

We may share your information with:

5.1 Service Providers

Section titled “5.1 Service Providers”

Third-party vendors who assist in operating our Services, subject to confidentiality obligations.

5.2 Regulatory Authorities

Section titled “5.2 Regulatory Authorities”

When required by law, regulation, or legal process.

5.3 Business Transfers

Section titled “5.3 Business Transfers”

In connection with mergers, acquisitions, or asset sales.

Section titled “5.4 With Your Consent”

When you explicitly authorize sharing.

We do NOT sell your personal information to third parties.

6. Data Security

Section titled “6. Data Security”

We implement industry-standard security measures including:

  • Encryption in transit (TLS 1.3) and at rest (AES-256)
  • Multi-factor authentication
  • Regular security audits and penetration testing
  • SOC 2 Type II compliance
  • ISO 27001 certification

7. Data Retention

Section titled “7. Data Retention”

We retain personal data for:

  • Active Accounts: Duration of the account relationship
  • Transaction Records: 7 years (regulatory requirement)
  • KYC/AML Data: As required by applicable regulations
  • Log Data: 2 years

8. Your Rights

Section titled “8. Your Rights”

Depending on your jurisdiction, you may have the right to:

  • Access: Request copies of your personal data
  • Rectification: Correct inaccurate or incomplete data
  • Erasure: Request deletion of your data (subject to legal obligations)
  • Portability: Receive your data in a structured format
  • Restriction: Limit how we process your data
  • Objection: Object to certain processing activities
  • Withdraw Consent: Where processing is based on consent

To exercise these rights, contact privacy@islamicopenfinance.com.

9. International Data Transfers

Section titled “9. International Data Transfers”

Your data may be transferred to and processed in countries outside your jurisdiction. We ensure appropriate safeguards through:

  • Standard Contractual Clauses (SCCs)
  • Adequacy decisions
  • Binding Corporate Rules (where applicable)

10. Cookies and Tracking

Section titled “10. Cookies and Tracking”

We use cookies for:

  • Essential: Required for Service functionality
  • Performance: Analytics and improvement
  • Functional: Remembering preferences

You can control cookies through browser settings. Disabling essential cookies may affect Service functionality.

11. Children’s Privacy

Section titled “11. Children’s Privacy”

Our Services are not intended for individuals under 18. We do not knowingly collect data from minors.

Section titled “12. Third-Party Links”

Our Services may contain links to third-party websites. We are not responsible for their privacy practices.

13. Changes to This Policy

Section titled “13. Changes to This Policy”

We may update this Privacy Policy periodically. We will notify you of material changes through the Services or via email.

14. Data Protection Officer

Section titled “14. Data Protection Officer”

For data protection inquiries, contact our DPO:

Data Protection Officer

15. Supervisory Authority

Section titled “15. Supervisory Authority”

EEA users have the right to lodge complaints with their local data protection authority.

16. Contact Us

Section titled “16. Contact Us”

For questions about this Privacy Policy:

Islamic Open Finance™

© 2025 Islamic Open Finance™. All rights reserved.

Edit page