Riyadh, Saudi Arabia has opened subscriptions for the November issuance of its government-backed “Sah” savings sukuk, offering investors an annual return of 4.71 percent. The rate is slightly lower than the 4.83 percent offered in October, according to an announcement from the National Debt Management Center (NDMC).
The subscription period began at 10 a.m. on November 2 and will close at 3 p.m. on November 4, as stated by the NDMC on its official X (formerly Twitter) account. This issuance forms part of the 2025 sukuk calendar managed by the NDMC, reflecting Saudi Arabia’s ongoing efforts to enhance financial inclusion and encourage personal savings among its citizens.
Launched under the Financial Sector Development Program, a key initiative of Vision 2030, the Sah sukuk aims to increase the national savings rate to 10 percent by 2030, up from approximately 6 percent today. The sukuk carries a one-year maturity and offers fixed returns paid upon redemption.
The minimum subscription for the sukuk is SR1,000 (US$266.56), while the maximum investment per individual is capped at SR200,000. Subscriptions are open to Saudi nationals aged 18 and above through approved digital investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital.
Sukuk are Shariah-compliant financial instruments that grant investors partial ownership of underlying assets, making them a popular alternative to conventional bonds.
In October, the NDMC announced that it had raised SR7.54 billion through its riyal-denominated sukuk program. The issuance comprised four tranches: SR538 million maturing in 2029, SR493 million in 2032, SR2.45 billion in 2036, and SR4.06 billion maturing in 2039.
Saudi Arabia’s debt market has seen robust growth in recent years, attracting strong investor interest amid a global environment of rising interest rates. According to a report from Kuwait Financial Center (Markaz), the Kingdom dominated the Gulf Cooperation Council (GCC) primary debt market in the third quarter of 2025, raising US$20.32 billion through 36 issuances, representing a 62.7 percent year-on-year increase in value.
Meanwhile, S&P Global noted in April that Saudi Arabia’s expanding non-oil sector and consistent sukuk issuance volumes are expected to further strengthen the global Islamic finance industry in the years ahead.