Saudi Arabia Opens October “Sah” Savings Sukuk Subscription with 4.83% Return

Saudi Arabia has opened subscriptions for the October issuance of its government-backed “Sah” savings sukuk, offering investors an annual return of 4.83 percent — slightly below the 4.88 percent offered in September. The National Debt Management Center (NDMC) announced that subscriptions will be accepted from 10 a.m. on October 5 until 3 p.m. on October 7.

According to the NDMC, allocation of the sukuk is scheduled for October 14, with redemption taking place between October 19 and 21, and payments to investors disbursed on October 26. The sukuk carries a one-year maturity and offers fixed returns that are paid at redemption.

The Sah savings sukuk is part of the Ministry of Finance’s 2025 issuance calendar and forms a central component of the Financial Sector Development Program under Vision 2030. The program aims to promote financial inclusion and strengthen the domestic savings culture by increasing the national savings rate to 10 percent by 2030, up from the current 6 percent.

Designed specifically for individual investors, the sukuk provides a Shariah-compliant savings vehicle that is secure, low-risk, and fee-free. The instrument is denominated in Saudi riyals and available only to Saudi nationals aged 18 and above. Subscriptions can be made through several approved investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital.

The minimum subscription amount is set at SR1,000 ($266), while the maximum limit per investor is SR200,000. The NDMC stated that the initiative supports the Kingdom’s broader strategy to diversify investment opportunities, enhance financial inclusion, and expand the domestic sukuk market.

In September, the NDMC completed investor subscriptions for that month’s sukuk issuance, which totaled SR8.036 billion across five tranches. The first tranche, worth SR1.240 billion, will mature in 2027, while subsequent tranches are set to mature in 2029, 2032, 2036, and 2039.

Unlike conventional bonds, sukuk are structured in compliance with Islamic finance principles, meaning returns are derived from asset-based investment rather than interest payments. The Sah sukuk offers easy redemption and predictable returns, aligning with market benchmarks and providing an accessible savings tool for retail investors.

The launch of the October issuance highlights the Kingdom’s continuing efforts to deepen its domestic capital markets and promote long-term financial stability through wider citizen participation in investment programs.