DIB acquires minority stake in Türkiye’s T.O.M. Group

DIB acquires minority stake in Türkiye’s T.O.M. Group

Image courtesy: WAM

UAE’s Dubai Islamic Bank (DIB) has acquired a 20 per cent stake in Türkiye’s TOM Group of Companies, marking the shariah-compliant bank’s entry into the country’s banking sector.

The investment gives a significant minority shareholding in TOM Group.

The group includes TOM Katılım Bankası – Türkiye’s first licensed digital retail bank; TOM Pay Elektronik Para ve Ödeme Hizmetleri – A licensed e-money company; and TOM Finansman – a licenced financing company specialised in developing innovative digital products.

DIB said it has an option to increase its shareholding to 25 per cent within 12 months. Aydın Group, TOM Group’s founding shareholder with its new partner DIB, aims to make the group a national leader with an aspiration to grow regionally in the digital banking and financial technology sector.

“Our entry into the Turkish banking sector through the investment in a digital financial group represents this dynamic approach to an ever-evolving market environment,” said Dr. Adnan Chilwan, DIB’s group CEO.

“DIB is of the view that digital banking propositions in Türkiye and other markets will enhance our efforts to provide financial services to mass population segments, including the underbanked and non-banked segments.”

The shareholders’ core mandate is to promote financial inclusion by facilitating, easing, and