JEDDAH: To encourage financial stability and growth among its citizens, Saudi Arabia has launched the seventh round of its subscription-based savings product, Sah, for September. The product offers a 5.31 percent return.
These government-backed, Shariah-compliant sukuk will be issued until 3 p.m. on September 3. The National Debt Management Centre on X (formerly Twitter) announced that bonds will be distributed to investors on September 10.
The minimum subscription amount for Sah is SR1,000 ($266.66), or the equivalent of one bond. SR200,000 is the maximum subscription limit, meaning that people can buy up to 200 bonds during this time.
These fee-free savings products, which offer low-risk returns, are distributed through the digital channels of approved financial institutions, issued by the Ministry of Finance, and organised by the NDMC. Sah is the first government sukuk created to encourage Saudis to regularly set aside a portion of their income in order to improve their saving habits.
This project is in line with Saudi Vision 2030’s Financial Sector Development Program, which aims to raise the country’s savings rate from the current 6 percent to the international norm of 10 percent by 2030. The Sah product is available to Saudi nationals aged 18 and above who open an account with SNB Capital, Aljazira Capital, or Alinma Investment. SAB Invest and Al Rajhi Bank are also eligible options.
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