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Dubai Islamic Bank ups stake in Turkey’s TOM Group

Dubai Islamic Bank, which trades on the Dubai stock exchange, has a market capitalisation of $9 billion Wam
Dubai Islamic Bank, which trades on the Dubai stock exchange, has a market capitalisation of $9 billion

Dubai Islamic Bank (DIB) has increased its stake in Istanbul-based TOM Group from 20 percent to 25 percent to seize the opportunity in Turkey’s rapidly expanding digital infrastructure.

The Dubai-listed Shariah-compliant bank, which ventured into Turkey’s digital banking and financial technology arena in October 2023, was allowed to increase shareholding within 12 months.

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

Adnan Chilwan, group CEO at DIB, said the stake increase in the TOM Group comes on the back of a market-beating performance and incredible take-up of the recently launched digital bank.

The lender’s group assets stand at $90 billion, with market capitalisation of $9 billion.