Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has increased its stake in the Turkish financial company T.O.M. Group from 20% to 25%. This is reported in the DIB press release.
Dubai Islamic Bank initially acquired a stake in T.O.M. Group in September 2023.
The deal is aimed at strengthening DIB's position in Turkey's dynamically developing financial market and underscores DIB's confidence in Turkey's digital banking and fintech ecosystem, which continues to be a key market for DIB, given its large population, rapidly developing digital infrastructure, and economic growth trends aimed at expanding access to financial services and introducing innovative financial services that meet the needs of according to Sharia law, in non-banking and low-income segments.
The T.O.M. group includes T.O.M. Katılım Bankı A.Ş. (Turkey's first licensed digital retail bank), T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş. (e-company in the digital sector) and T.O.M. Finansman A.Ş. (licensed financial company in the segment of innovative digital products).
T.O.M. is a Turkish financial company in the digital banking and financial technology sector. The headquarters is located in Istanbul (Turkey).
DIB is the largest Islamic bank in the UAE. The bank's total assets amount to $79 billion. The Bank offers a wide range of banking products and services that comply with Sharia principles, including checking accounts, investment deposit accounts, car loans, credit cards, loans for housing and personal needs, as well as electronic banking services. The shares are listed on the Dubai Financial Market Stock Exchange. The headquarters is located in Dubai (UAE) with 62 branches.
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