RIYADH: To promote financial stability and growth among its populace, Saudi Arabia has launched its third cycle of the subscription-based savings product Sah in April. The program offers a 5.59 percent return.
The National Debt Management Center said in a release on X that the government-backed, Shariah-compliant sukuk would start on April 21 and run until April 23. Redeemable amounts will be paid out within a year. These fee-free savings products, which offer low-risk returns and are offered through digital channels of different approved financial institutions, are organized by the NDMC and issued by the Ministry of Finance.
The CEO of the NDMC, Hani Al-Madini, stated in a press release in March that the sukuk acts as a catalyst for private sector collaboration and involvement in creating and introducing a range of savings products catered to different demographics.
These activities may include partnerships with banks, fund managers, financial technology businesses, and other entities.
Sah, the Kingdom’s first savings product intended for individuals, is offered as Saudi riyal-denominated bonds under the local bonds program.
It also backs the Financial Sector Development Program, a component of Saudi Vision 2030. It aims to increase the country’s citizens’ savings rate from as low as 6% to the global average of 10% by 2030.
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