UAE-based Islamic bank Dubai Islamic Bank (DIB) has increased its shareholding in Turkish financial services provider T.O.M. Group from 20% to 25%.
This latest move follows Dubai Islamic Bank’s initial 20% stake acquisition in September 2023. It marked Dubai Islamic Bank’s foray into the Turkish digital banking and financial technology industry.
Established by Aydın Group shareholders, T.O.M. Group includes digital retail bank T.O.M. Katılım Bankası, licensed e-money company T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri, and T.O.M. Finansman, and their subsidiaries.
T.O.M. Finansman is a licensed financing company focused on developing innovative digital products.
Under the terms of the initial agreement, the UAE-based Islamic banking company had an option to increase its shareholding across T.O.M. Group within 12 months.
According to Dubai Islamic Bank, the investment showcases its confidence in Türkiye’s financial sector, characterised by its burgeoning digital infrastructure, large population, and robust economic growth.
The investment also aligns with Dubai Islamic Bank’s vision to expand Sharia-compliant financial services and enhance financial inclusion, particularly among underbanked and unbanked populations.
Dubai Islamic Bank group CEO Adnan Chilwan said: “We are delighted to announce that DIB has decided to raise its shareholding in T.O.M. Group. This decision comes on the back of a market-beating performance and incredible take-up of the recently launched digital bank.
“The increased shareholding not only solidifies DIB’s position as a key stakeholder in Türkiye’s thriving digital banking sector but also underscores our deep-rooted belief in the country’s strategic intent around tech-based economic development.”
The bank’s partnership with T.O.M. Group positions both entities as leaders in the digital banking and fintech ecosystem, said Dubai Islamic Bank.
It will also help both companies in driving customer-centric innovation while contributing to the overall growth of Türkiye’s financial sector.
