Dubai Islamic Bank Increases Its Stake in T.O.M. Group

Further cementing DIB’s presence in Turkiye’s dynamic financial landscape, Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank by assets, on Monday announced that it has increased its shareholding in T.O.M. Group from 20% to 25%. This strategic move follows the initial acquisition in September 2023.

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 specialising in innovative digital products), alongside their subsidiaries.

This enhanced investment highlights DIB’s confidence in Turkiye’s financial landscape and its robust fast-scaling digital banking and fintech ecosystem, DIB said in a regulatory disclosure with Dubai Financial Market (DFM) this morning.

Turkiye 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.

DIB’s Group CEO Dr Adnan Chilwan said that 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 solidified DIB’s position as a key stakeholder in Turkiye’s thriving digital banking sector but also underscored his bank’s 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 mind sets of today,” Dr Chilwan added.

Immense Contribution

For over 15 years, Dubai Islamic Bank has actively contributed to the growth of Turkiye’s financial sector as a leading player from the GCC. The T.O.M. Group and DIB are positioned as two flagbearers in Turkiye’s digital banking and fintech sectors, delivering exceptional value to customers whilst simultaneously contributing to the advancement of Turkiye’s financial ecosystem.

Established in 1975, DIB has been spearheading the evolution of the global Islamic finance industry abd is also the world’s first full service Islamic bank and amongst the largest Islamic banks in the world.

With Group assets almost reaching $90 billion and market capitalisation of nearly $9 billion, the group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa.

Serving over 5 million customers across the Group, DIB offers an increasing range of innovative Shariah compliant products and services to retail, corporate and institutional clients.