Saudi Arabia Launches January Subscription for “Sah” Savings Sukuk with 4.73% Return

Saudi Arabia has opened subscriptions for its January issuance of the government-backed “Sah” savings sukuk, offering an annual return of 4.73 percent, up from 4.68 percent in December, the National Debt Management Center (NDMC) announced.

The subscription window opened at 10 a.m. Saudi time on January 4 and will close at 3 p.m. on January 6, according to a post on X by the NDMC. The issuance is part of the center’s 2026 calendar and supports the Kingdom’s efforts to encourage personal savings and promote financial inclusion.

“Sah,” launched under the Financial Sector Development Program as part of Vision 2030, aims to raise the national savings rate to 10 percent by 2030, up from roughly 6 percent today. The program provides citizens with a secure, Shariah-compliant investment option while helping expand the domestic financial market.

The minimum subscription for the January sukuk is SR1,000 ($266.56), while the maximum per investor is SR200,000. The sukuk has a one-year maturity and offers fixed returns, which are paid at redemption.

Sukuk are Islamic financial instruments that grant investors partial ownership of underlying assets, offering a popular alternative to conventional bonds. The returns are structured to comply with Shariah principles, and the instrument carries no fees and allows easy redemption. Subscriptions are available exclusively to Saudi nationals aged 18 and above through approved investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital.

The NDMC’s announcement follows a strong close to 2025, when the center raised SR7.01 billion through its December sukuk issuance. That issuance was divided into five tranches, maturing between 2027 and 2039, ranging from SR335 million to SR2.57 billion per tranche.

Earlier in January, the NDMC also arranged a seven-year syndicated loan totaling $13 billion to support power, water, and public utilities projects, reflecting the Kingdom’s broader strategy of financing infrastructure and development initiatives while maintaining fiscal stability.

By offering competitive, low-risk savings instruments like “Sah,” Saudi Arabia aims to encourage domestic investment and provide citizens with Shariah-compliant options that combine security with attractive returns. The sukuk program has become a cornerstone of the Kingdom’s financial inclusion initiatives, helping to channel private savings into government-backed projects while strengthening the country’s capital markets.

Investors and financial analysts see the program as part of a broader effort under Vision 2030 to expand the availability of safe investment vehicles, increase national savings, and deepen participation in the Kingdom’s growing financial sector.