Dubai Islamic increases its stake in a digital bank in Turkey to 25%

Dubai Islamic Bank announced an increase in its stake in the TOM Group from 20 to 25%. The bank stated, in a statement, that this strategic step comes in the wake of the initial acquisition deal, which was held in September 2023, to reinforce the bank’s commitment to expanding its presence in Turkey’s vital financial landscape.

According to Dubai Islamic, the TOM Group includes the TOM Katilim Banksy Participation Bank, the first Turkish bank licensed for digital services for individuals, and the electronic cash payment company TOM. BI Electronic Barra in Udem Hizmitleri, and the financing company “TOM Finansmann”, which is licensed and specializes in developing innovative digital products, in addition to its subsidiaries.

According to the statement, this enhanced investment highlights Dubai Islamic Bank’s confidence in the Turkish financial system and its strong, rapidly growing system in the field of digital banking and financial technology, as the bank sees Turkey as a pivotal market for it, given its large population and rapidly growing digital infrastructure. And the path of tremendous economic growth.

Dubai Islamic stressed that this strategic step is consistent with its vision to enhance financial inclusion and provide innovative financial services compatible with Islamic Sharia to segments of the emerging market or those that lack banking services.

Dubai Islamic Bank Group CEO, Dr. Adnan Chilwan, said: “We are pleased to announce Dubai Islamic Bank’s decision to increase its stake in the TOM Group. This decision comes against the backdrop of the superior performance on the market, and the amazing demand for the digital bank that was recently launched.”

He added: “This increase in our share not only strengthens Dubai Islamic Bank’s position as one of the main players in the thriving digital banking sector in Turkey, but also confirms our strong belief in the country’s strategic goals related to technology-based economic development.”

Chilwan continued: “Our partnership with the TOM Group goes beyond our aspirations to enhance financial growth, as it reflects the larger goal of building a comprehensive and advanced global Islamic financial model rich in technology and built-in intelligence, which enables us to develop and keep in line with the rapidly changing way of thinking of customers.” today”.

It is noteworthy that Dubai Islamic Bank has effectively contributed, over more than 15 years, to the growth of the financial sector in Turkey, as it is one of the leading financial institutions in the Gulf Cooperation Council countries.