Dubai – Mubasher: Dubai Islamic Bank (DIB)has increased its shareholding in Turkish digital bank T.O.M. Group from 20% to 25%, according to a press release.

This strategic move follows the initial acquisition in September 2023, anchoring the lender’s presence in Turkey’s dynamic financial landscape.

It also backs the UAE-based bank’s vision to drive financial inclusion and bring innovative Sharia-compliant financial services to underbanked and non-banked segments.

Adnan Chilwan, Group CEO at DIB, commented: “This decision comes on the back of a market-beating performance and incredible take-up of the recently launched digital bank.”

“The increased shareholding not only solidifies DIB's position as a key stakeholder in Türkiye’s thriving digital banking sector but also underscores our deep-rooted belief in the country’s strategic intent around tech-based economic development,” Chilwan added.

He noted: “The partnership with T.O.M. Group goes beyond our financial growth aspirations. It reflects the larger objective of building a comprehensive, future-proof and tech-rich global Islamic financial model with built-in intelligence to evolve with the fast changing customer mindsets of today.”

As of 30 September 2024, DIB logged 13% year-on-year (YoY) higher net profits at AED 5.44 billion, compared to AED 4.82 billion.