Skip to content Skip to Search
Skip navigation

DIB acquires 20% stake in Turkey’s TOM Group

WAM
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.

Latest articles

An artist's impression of part of the Diriyah Square development

Diriyah Square planned for historic Riyadh district

A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans.  Diriyah Gate Development Authority group CEO Jerry […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

Iraq and Kuwait team up for European telecom corridor

Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […]

Passengers at Beijing Capital International Airport. Air China will fly from the airport to Riyadh three times a week.

Third Chinese airline to launch flights to Saudi Arabia

Air China is set to begin flights to Riyadh in May, becoming the third Chinese airline to establish a route to Saudi Arabia. It joins China Southern and Eastern Airlines in connecting China with the kingdom.  Air China’s Airbus A330-300 will serve the Beijing-Riyadh route three times a week. The expansion in capacity between the […]

Highway traffic in California. Opec said the upcoming 'driving season' in the US will provide the usual additional demand for fuel

Opec stands by predictions for oil demand growth

Opec predicts robust fuel use this summer and has stuck to last month’s forecast of relatively strong growth in oil demand in 2024 and 2025. The oil producers’ organisation predicted in its monthly report that global demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. […]