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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%.
|
Sah Product Return since its Launch in February 2024 |
|
|
Month |
Return Rate |
|
February 2024 |
5.64% |
|
March |
5.63% |
|
April |
5.59% |
|
May |
5.64% |
|
June |
5.55% |
|
July* |
-- |
|
August |
5.48% |
|
September |
5.31% |
|
October |
4.92% |
|
November |
4.89% |
|
December |
4.83% |
|
January 2025 |
4.95% |
|
February |
4.94% |
|
March |
4.98% |
|
April |
4.88% |
|
May |
4.66% |
|
June |
4.76% |
|
July |
4.88% |
|
August |
4.97% |
|
September |
4.88% |
As of February 2025, Saudi Arabia has been committed to a monthly maturity date for its 2024 Sah sukuk subscriptions.
|
Sah’s 2024 Sukuk Maturity Dates |
|
|
Month |
Maturity Date |
|
February 2024 |
Feb. 13, 2025 |
|
March |
March 12, 2025 |
|
April |
April 30, 2025 |
|
May |
May 28, 2025 |
|
June |
July 9, 2025 |
|
July |
-- |
|
August |
Aug. 13, 2025 |
|
September |
Sept. 10, 2025 |
|
October |
Oct. 15, 2025 |
|
November |
Nov. 12, 2025 |
|
December |
Dec. 10, 2025 |
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.
|
Details of Sah Product |
|
|
Issue type |
The first Shariah-compliant savings product intended for individuals in the form of sukuks within the Kingdom’s local SAR-denominated sukuk program. |
|
Payment date |
Redeemable amounts are paid on the maturity date. |
|
Redemption request |
Sukuk holders can request redemption during the periods specified in the issuance calendar. However, accumulated profit will not be accrued upon early withdrawal. |
|
Financial institutions to subscribe through |
SNB Capital, AlJazira Capital, Alinma Capital, SAB Invest and Al Rajhi Capital. |
|
Yield on Sah product |
The return is conditional on monthly market benchmarks. |
|
Zakat incurred on Sah savings |
No Zakat to bear. |
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