Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank, has increased its shareholding in T.O.M. Group from 20 percent to 25 percent.
This strategic move follows the initial acquisition in September 2023, further cementing DIB’s presence in Turkey’s dynamic financial landscape.
The T.O.M. Group includes T.O.M. Katılım Bankası A.Ş. (Turkey’s first licensed digital retail bank), T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş. (a licensed e-money company with a rapidly growing customer base), and T.O.M. Finansman A.Ş. (a licensed financing company specializing in innovative digital products), alongside their subsidiaries.
This increased investment underscores DIB’s confidence in Turkey’s financial landscape, as well as its rapidly growing digital banking and fintech ecosystem. With a large population, expanding digital infrastructure, and strong economic growth, Turkey remains a key market for DIB.
Further, the move aligns with DIB’s commitment to promoting financial inclusion and delivering innovative, Sharia-compliant financial services to underserved and unbanked communities.
Dr. Adnan Chilwan, Group Chief Executive Officer at Dubai Islamic Bank, commented that, “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 Turkey’s thriving digital banking sector but also underscores our deep-rooted belief in the country’s strategic intent around tech-based economic development.”
“The partnership with T.O.M. Group goes beyond our financial growth aspirations. It reflects the larger objective of building a comprehensive, future-proof, and tech-rich global Islamic financial model with built-in intelligence to evolve with the fast-changing customer mindsets of today,” Dr. Chilwan added.
