RIYADH: Saudi Arabia has opened subscriptions for its May issuance of the government-backed “Sah” savings sukuk, offering an annual return of 4.56 percent, slightly higher than the 4.50 percent offered in April. The National Debt Management Center (NDMC) announced that the subscription window began at 10:00 a.m. on May 3 and will remain open until 3:00 p.m. on May 5 (Saudi time).
The latest issuance is part of Saudi Arabia’s 2026 sukuk program calendar and reflects the Kingdom’s continued efforts to promote financial inclusion and encourage personal savings. The “Sah” initiative was introduced under the Financial Sector Development Program, a key pillar of Vision 2030, which aims to increase the national savings rate from around 6 percent to 10 percent by the end of the decade.
According to NDMC, the minimum subscription amount for the May sukuk is set at SR1,000 ($266.56), while the maximum investment limit is capped at SR200,000 per individual. The sukuk carries a one-year maturity period and offers fixed returns that are paid upon redemption.
Sukuk are Shariah-compliant financial instruments that provide investors with partial ownership in underlying assets, making them a popular alternative to conventional bonds. Unlike traditional bonds, sukuk structures fully comply with Islamic finance principles. The “Sah” product is designed as a low-risk, fee-free savings option with flexible redemption and returns linked to market conditions.
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 issuance highlights ongoing confidence in Saudi Arabia’s economic outlook. Earlier this year, Fitch Ratings reaffirmed the Kingdom’s A+ credit rating with a stable outlook, citing strong financial reserves and robust debt metrics. In April, NDMC raised SR16.94 billion through its riyal-denominated sukuk program, divided into five tranches with maturities ranging from 2031 to 2041, underscoring continued investor demand.