Dubai Islamic Bank (DIB), the UAE's largest Sharia-compliant lender by assets, is making a strategic move into Turkey's banking sector by acquiring a 20% stake in TOM Group of Companies. The Istanbul-based company owns a digital bank, which will now see DIB as a significant minority shareholder.

The acquisition, confirmed by DIB in a statement to the Dubai Financial Market, includes an option for the bank to increase its stake to 25% within the next 12 months. The transaction has received approval from relevant authorities in both Turkey and the UAE and is pending final clearance from the Turkish Competition Authority.

While the financial details of the deal were not disclosed, DIB's investment in TOM—officially known as Technology of Money—marks a significant step in its international expansion strategy. TOM Group’s founding shareholder, Aydin Group, is recognized as one of Turkey's leading operators within the retail ecosystem, providing the company with a strong foothold in the Turkish market.

DIB’s entry into Turkiye aligns with its broader goals of expanding its digital banking capabilities and tapping into new markets. The partnership with TOM Group is expected to bolster DIB’s presence in Turkey and support the growth of Sharia-compliant digital banking services in the region.