RIYADH: With a competitive return of 4.89 percent, Saudi Arabia has introduced the ninth cycle of its subscription-based savings product, Sah, for November. The program seeks to encourage residents’ growth and financial stability.
The government-backed, Shariah-compliant sukuk went live on November 3 and will stay open until November 5. The National Debt Management Centre on X stated that redemption sums should be paid within a year.
These fee-free savings plans, which are issued by the Ministry of Finance and organised by the NDMC, offer low-risk returns and can be accessed online at a number of authorised financial institutions.
The first savings product created especially for individuals is called Sah. It is offered as bonds in the Kingdom’s local bonds program and is valued in Saudi riyals. It backs Saudi Vision 2030’s Financial Sector Development Program, which intends to raise the country’s citizens’ savings rate from 6% to the global average of 10% by 2030.
One bond’s worth, or SR1,000 ($266), is the lowest subscription amount; the maximum is SR200,000 for all issuances per user over the program term. Individuals are the target market for the product, and monthly returns are offered in accordance with the issue calendar.
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