Alsafwa Islamic Financial Services PJSC (DFM:ALSAFWA) agreed to acquire Mubasher Financial Services in stock on December 10, 2015. The transaction was approved by Board of Directors of Alsafwa Islamic Financial Services PJSC. A new Board of Directors of Alsafwa will be appointed while most employees of both companies will be maintained. Alsafwa will continue to be listed on DFM. The merger process is expected to take not more than four months as of the date of announcement. Truth Economic Consultancy acted as administrative partner for the merger process. Alsafwa Islamic Financial Services PJSC (DFM:ALSAFWA) completed the acquisition of Mubasher Financial Services BSC in September 2016.