Dubai Islamic Bank (DIB), the UAE’s leading Shariah-compliant lender, has increased its ownership in Turkey’s T.O.M. Group of Companies to 25%. This marks a rise from its earlier 20% stake, utilizing an option tied to its initial acquisition in September 2023, according to Zawya.

The T.O.M. Group consists of several financial 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., a licensed e-money provider, and T.O.M. Finansman A.Ş., which specializes in digital financing products.

DIB, the UAE’s fourth-largest bank, is partly owned by the Investment Corporation of Dubai, holding a 28% stake. The lender reported AED 5.45 billion in profits as of September 2024, reflecting a 13% annual growth.

The bank’s expansion in Turkey is part of its broader international presence, which includes operations in Indonesia, Pakistan, Sudan, Bosnia, and Kenya.