The strategic move strengthens its digital banking footprint.
Dubai Islamic Bank (DIB), the UAE’s largest Shariah-compliant lender, has raised its stake in Turkey’s T.O.M. Group of Companies to 25%, reinforcing its commitment to expanding in the digital banking sector.
Expanding Digital Banking Presence
DIB increased its shareholding from 20% to 25% in T.O.M. Group, Turkey’s first licensed digital retail banking group. This move follows the bank’s initial investment in September 2023, which included an option for this stake expansion.
T.O.M. Group encompasses several financial entities, including T.O.M. Katılım Bankası A.Ş., a digital retail bank, T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş., an e-money company, and T.O.M. Finansman A.Ş., a financing firm specialising in digital products.
Strengthening Global Footprint
Backed by the Dubai government through the Investment Corporation of Dubai (holding a 28% stake), DIB is leveraging its robust financial performance—AED 5.45 billion profit for the first nine months of 2024, a 13% annual increase—to expand internationally.
DIB’s growing presence spans multiple regions, including Indonesia, Pakistan, Sudan, Bosnia, and Kenya, in addition to Turkey, positioning it as a key player in global Islamic banking.
By increasing its stake in T.O.M. Group, DIB is not only strengthening its foothold in Turkey’s burgeoning digital banking space but also reinforcing its broader strategy of global expansion in the financial technology sector.