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Sarwa’s New Cash Accounts Boost Growth By 250% In 3 Months

Despite some financial institutions suffering during the economic downturn, Sarwa’s reliability and trustworthiness seem to be paying dividends.

Published

2 years ago

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sarwa's new cash accounts boost growth by 250% in 3 months
Sarwa

Sarwa, the personal finance and investment platform, recently launched a new high-yield cash account known as Sarwa Save. Despite the gloomy worldwide economic outlook of late, the new service has been a roaring success, with monthly deposits growing by 250% in just three months.

Sarwa users are increasingly prioritizing short-term savings with generous interest levels, as historically high inflation and aggressive Federal Reserve policies have led to challenging investment conditions.

“We are thrilled to see the rapid adoption of Sarwa Save, which reflects the growing demand for secure high-yield, low-risk products. Sarwa’s customers recognize the value in the offering and trust it with their hard-earned money. This trust has played a pivotal role in the impressive growth. Sarwa Save is a testament to the company’s commitment to providing innovative financial solutions and empowering clients to navigate the evolving economic landscape confidently,” says Shane Shin, Co-founder and Managing Partner, Shorooq Ventures.

Also Read: A Guide To Digital Payment Methods In The Middle East

In the UAE, most savings accounts offer low to zero interest, while Sarwa Save delivers a rate of 3% — nearly four times the average amount. As well as tempting short-term yields, the new accounts have no monthly or low-balance fees. When combined with hassle-free account setup, Sarwa’s platform makes for an appealing choice compared to traditional banks, especially as the startup offers a special, Sharia-compliant option known as Sarwa Save Halal.

Disclaimer: Sarwa Save is a product offered through Sarwa Digital Wealth (Capital) Limited that is regulated by the FSRA in the ADGM. This offering is not regulated by the DFSA. Sarwa is not a bank. We can unlock high-yield accounts through our banking partners.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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