Dubai Islamic Bank raises stake in Turkey's T.O.M. Group

Dubai: The Dubai Islamic Bank has raised its shareholding in Turkey's T.O.M. Group from 20% to 25%. The move follows the initial stake acquisition in September 2023 and 'further cementing DIB’s presence' in that country's 'dynamic financial landscape'.

The T.O.M. Group includes T.O.M. Katılım Bankası, which is Turkey's first licensed digital retail bank, T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri, a licensed e-money company, and T.O.M. Finansman, a licensed financing company specialising in digital products.

Turkey 'continues to be a pivotal market for DIB, given its sizeable population, rapidly expanding digital infrastructure, and impressive economic growth trajectory'.

"The move aligns with DIB’s vision to drive financial inclusion and bring innovative Sharia-compliant financial services to underbanked and non-banked segments," said a statement.

"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," said Dr. Adnan Chilwan, Group CEO at DIB.

"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.”

Dubai Islamic Bank has been active in Turkey's financial services sector for over 15 years.

The T.O.M. Group alliance gives DIB greater leverage when it comes to exploring possibilities for Turkey's digital-led financial services.

This is a strategy that other leading UAE banks have been aggressively pursuing outside of the UAE in designated high potential regional markets.