Dubai – Mubasher: The UAE’s Ministry of Economy approved the merger of Mubasher Financial Services (MFS) and Alsafwa Islamic Financial Services, according to the statement.

The new entity will be Al Safwa Mubasher Financial Services.

In 10 December 2015, Alsafwa Islamic Financial Services said its board approved the merger with Mubasher Financial Services (MFS).

To be based in Dubai, the new entity will have a capital of AED 563.8 million, distributed on 563.8 million shares at AED 1 per share.

Before the merger, Alsafwa had AED 192.84 million distributed on 129.84 million shares at AED 1 per share. Thereby, a total of 434 million shares will be allocated to the shareholders of MFS at AED 1 per share.