Skip to content Skip to Search
Skip navigation

DIB acquires 20% stake in Turkey’s TOM Group

DIB's stake acquisition aims to promote financial inclusion by facilitating and enhancing access to digital financial services in Türkiye

Dubai Islamic Bank has ventured into Turkey’s digital banking and financial technology arena by acquiring a 20 percent stake in Istanbul-based TOM Group.

The Shariah-compliant bank has the option to increase shareholding to 25 percent within 12 months, it said in a statement.

TOM Group, established by Aydın Group, includes TOM Katılım Bankası A.Ş. (Turkey’s first licensed digital retail bank), TOM Pay Elektronik Para ve Ödeme Hizmetleri A.Ş. (e-money company), and TOM Finansman A.Ş. (digital financing company) and their subsidiaries.

The stake acquisition aims to promote financial inclusion by facilitating, easing and enhancing access to digital financial services in Turkey.

DIB said in a statement the deal was primarily driven by the “attractive and robust” long-term macroeconomic fundamentals of the market, which fueled the country’s continued ability to attract foreign direct investment despite short-term market fluctuations. 

“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 DIB Group CEO Adnan Chilwan.

“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,” he added.

The bank has been operating in Turkey for more than five years. 

TOM Group CEO Onur Özkan said the partnership is “highly encouraging” and shows that the group is on track to provide affordable financial services to its customers.

Aydin Group operates one of the largest retail companies in Turkey through their four flagship businesses.  

The transaction has been approved by the Banking Regulation and Supervision Agency, the Central Bank of the Republic of Türkiye (CBRT) and the regulatory authorities in the UAE. The deal will be formalised after the clearance of the Turkish Competition Authority.