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Dubai Islamic Bank, the UAE's biggest Shariah-compliant lender by assets, has increased its shareholding in Turkey's T.O.M Group of Companies to 25% from 20%, exercising an option that was a part of the initial acquisition in September 2023.
The T.O.M. Group includes T.O.M. Katılım Bankası A.Ş. (Türkiye's first licensed digital retail bank), T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş. (a licensed e-money company), and T.O.M. Finansman A.Ş. (a licensed financing company specialising in digital products), alongside their subsidiaries.
DIB, the fourth largest bank in the UAE, is backed by the government of Dubai, through the Investment Corporation of Dubai, which holds a 28% stake in the Islamic lender. Its profit for the period ended September 31 2024, was AED 5.45 billion, a 13% year-on-year increase.
In addition to Turkey, the bank has presence in Indonesia, Pakistan, Sudan, Bosnia and Kenya.
(Writing by Brinda Darasha; editing by Seban Scaria)
