DUBAI: Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank, announced Monday it has increased its shareholding in T.O.M. Group from 20% to 25%. This strategic move follows the initial acquisition in September 2023, further cementing DIB’s presence in Türkiye’s dynamic financial landscape.
The T.O.M. Group includes T.O.M. Katılım Bankası A.Ş. (Türkiye’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 enhanced investment highlights DIB’s confidence in Türkiye’s financial landscape and its robust fast-scaling digital banking and fintech ecosystem. Türkiye 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.
Dr. Adnan Chilwan, Group Chief Executive Officer at Dubai Islamic Bank, commented: “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 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.”
For over 15 years, Dubai Islamic Bank has actively contributed to the growth of Türkiye’s financial sector as a leading player from the GCC. Today, T.O.M. Group and DIB are positioned as two flagbearers in Türkiye’s digital banking and fintech sectors, delivering exceptional value to customers while simultaneously contributing to the advancement of Türkiye’s financial ecosystem.