Details of ‘Sah’ Sukuk product since launch

Logo of Shariah-compliant, government-backed savings product (Sah)

In this report, Argaam maps out details of the “Sah” product, a government sukuk product intended for individuals, which was launched in February 2024.

The Shariah-compliant savings bond is issued by the Saudi government through the Ministry of Finance and arranged by the National Debt Management Center (NDMC).

The highest return for the product since its launch was 5.64% in both February and May 2024, while May 2025 saw the lowest rate of 4.66%.

As of February 2025, Saudi Arabia has been committed to a monthly maturity date for its 2024 Sah sukuk subscriptions.

The Sah product is allocated for individuals at lucrative returns, offered on a monthly basis as per the issuance calendar. The saving period is for one year with a fixed yield, with the accrued proceeds disbursed at redemption (maturity date).

It is available exclusively to Saudi nationals aged 18 years old and above, provided having an account with either SNB Capital, AlJazira Capital, Alinma Capital, SAB Invest, or Al Rajhi Capital.

The Shariah-compliant sukuk is designed as a secure, easy-accessible, low-risk savings instrument, with no fees and easy redemption, aligning returns with prevailing market benchmarks.

The government-backed product aims to deepen individuals’ financial inclusion, lift the national savings’ rate, and expand access to various savings products, as part of the Kingdom’s drive to cultivate a savings culture and diversify its financial ecosystem.