Dubai Islamic Bank (DIB), the largest participation bank by asset size in the United Arab Emirates, has officially entered the Turkish digital banking and fintech sector after acquiring a minority stake in T.O.M. Group.
Established by Aydın Group shareholders, the T.O.M. Group includes T.O.M. Katılım Bankası A.Ş., T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş., and T.O.M. Finansman A.Ş.
According to the announcement, The DFM-listed lender will acquire 20% shareholding across T.O.M. Group with an option to increase the equity ownership to 25% within 12 months.
Aydın Group, T.O.M. Group’s founding shareholder with its new partner DIB, aims to make T.O.M. Group a national leader with an aspiration to grow regionally in the digital banking and financial technology sector.
The shareholders’ core mandate is to promote financial inclusion by facilitating, easing, and enhancing access to digital financial services in Türkiye.
Aydin Group operates one of the largest retail ecosystems in Türkiye through its four flagship businesses. Customer acquisition is the key driver of returns and valuations of digital banks.
The transaction has been approved by the Banking Regulation and Supervision Agency (BDDK), the Central Bank of the Republic of Türkiye (CBRT), and the regulatory authorities in the UAE, and will be formalized after the clearance of the Turkish Competition Authority (Competition Authority).
DIB Group CEO Dr. Adnan Chilwan made the following remarks regarding the partnership:
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 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.
DIB has been operating in Türkiye for more than 15 years as one of the largest lenders from the GCC. This investment in T.O.M. Group reiterates the group’s commitment to the country and more so to the consumer banking sector. T
“Türkiye holds a pivotal position in our growth strategy, considering the sizable market dynamics and the opportunities we foresee in digital banking and financial technology sector,” Chilwan added.
