Dubai Islamic Bank (DIB), the United Arab Emirates’ largest financial institution, is extending its reach into international markets with a strategic investment in Turkey’s T.O.M. Group, acquiring a 20% stake and holding an option to increase it to 25% within a year. The T.O.M. Group encompasses key entities, including T.O.M. Katılım Bankası A.Ş., Turkey’s first licensed digital retail bank, T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş., an e-money company, and T.O.M. Finansman A.Ş., specializing in digital product development, along with their subsidiaries.
Dr. Adnan Chilwan, CEO of DIB Group, emphasized the bank’s dynamic approach to navigating evolving market landscapes. He stated, “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.” DIB has maintained a strong presence in Turkey for over 15 years, and this move underscores the bank’s commitment to the Turkish consumer banking sector, recognizing the substantial growth opportunities in digital banking and financial technology in the region. The expansion aligns with the broader trend of UAE’s major financial institutions venturing into global markets to diversify their portfolios and capture emerging opportunities.