Logo of the savings product - Government Sukuk
The Ministry of Finance and the National Debt Management Center (NDMC) announced the launch of the first Shariah-compliant, government-backed savings product for individuals, named "Sah".
The product is allocated for individuals with lucrative returns that are offered on a monthly basis according to the issuance calendar. The saving period is for one year with a fixed return and the accrued yields are disbursed at the end of the sukuk’s term (maturity date).
The fees-free product is characterized by being compatible with Shariah standards, government-backed, low-risk, easy to subscribe, besides offering lucrative returns with no restrictions on redemption.
It aims to enable individuals to make better financial planning for the future, increase the percentage of individuals who save periodically, provide a safe savings method, increase the supply of savings products and strengthen the culture of savings.
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New Product Details |
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Issue type |
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Sah, which is the first Shariah-compliant savings product intended for individuals in the form of sukuks within the Kingdom’s local SAR-denominated sukuk program. |
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Start of subscription to the first issue |
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Feb. 4, 2024 |
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End of subscription to the first issue |
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Feb. 6, 2024 |
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Target category |
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Saudi male and female individuals only are over the age of 18 |
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Minimum subscription limit |
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SAR 1,000, which is equivalent to the value of one sukuk |
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Maximum subscription limit |
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SAR 200,000 for the total number of issues per individual during the program period |
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Yield payment date |
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The annual yield on the sukuk will be paid on the maturity date |
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Sukuk par value |
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SAR 1,000 |
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Sukuk yield |
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Fixed yield for each issue |
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Maturity date |
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Calendar year |
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Redemption request |
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Sukuk holders can request redemption during the periods specified according to the annual calendar published for “Sah”, and the accumulated profit will not be accrued upon early withdrawal |
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Financial institutions that provide subscription service |
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SNB Capital, AlJazira Capital, Alinma Investment, SAB Invest and Al Rajhi Capital |
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Return rate |
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It depends on market conditions from month to month |
The product has been allocated to Saudi male and female individuals only who are over the age of 18 years, provided that the subscriber has an account with either SNB Capital, AlJazira Capital, Alinma Investment, SAB Invest or Al Rajhi Capital.
Subscription dates for 2024 have been set, with that for the current month running between Feb. 4-6. Meanwhile, the allocation will take place on Feb. 13 and the redemption period will be from Feb. 18-21. The redemption amounts will be paid on Feb. 25.
Saudi Arabia to launch first savings product for individuals, subscription starts on Feb. 4
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