RIYADH: Saudi Arabia has opened subscriptions for its October “Sah” savings sukuk, offering individual investors an annual return of 5 percent. The latest return is higher than the rate offered through the previous month’s issuance, highlighting the continued development of the Kingdom’s retail savings and sukuk market.
The subscription period began at 10 a.m. Saudi time on October 4 and will close at 3 p.m. on October 6, according to the National Debt Management Center (NDMC). The October return of 5 percent is 20 basis points higher than the 4.80 percent offered to investors in September.
The riyal-denominated, Shariah-compliant sukuk has a one-year savings period, with the annual return paid at maturity. The issuance is included in the NDMC’s 2026 issuance calendar and forms part of Saudi Arabia’s broader efforts to encourage household savings, expand financial inclusion and provide individuals with accessible Shariah-compliant investment opportunities.
The NDMC has set the minimum investment at SR1,000, equivalent to around $266, while the maximum investment limit is SR200,000 per individual during the program period. The offering is available exclusively to Saudi citizens aged 18 and above through approved investment platforms, including SNB Capital, Al Rajhi Capital, AlJazira Capital, Alinma Investment and SAB Invest.
Sah is a government-backed savings product issued by Saudi Arabia’s Ministry of Finance and arranged by the NDMC under the Kingdom’s domestic riyal-denominated sukuk program. The return offered through the product is determined monthly in accordance with prevailing market conditions.
The savings sukuk is also aligned with Saudi Arabia’s Financial Sector Development Program, one of the Vision 2030 realization programs. The initiative aims to encourage a stronger savings culture among households and expand the availability of savings and investment products. Under the program, Saudi Arabia is targeting a household savings rate of 10 percent by 2030, compared with approximately 6 percent currently.
The latest Sah offering follows the government’s September domestic sukuk issuance, through which Saudi Arabia raised approximately SR1.64 billion. The issuance was divided into six tranches with maturities in 2029, 2031, 2033, 2036, 2039 and 2041. The largest tranche amounted to SR705 million and is due in 2041, while another SR650 million tranche is scheduled to mature in 2031.
The October savings sukuk comes as Saudi Arabia’s economic outlook continues to strengthen. The Organisation for Economic Co-operation and Development has projected Saudi GDP growth of 4.1 percent in 2027, compared with expected growth of 3 percent for both the global economy and the G20.
The latest offering reflects Saudi Arabia’s continued focus on developing its domestic Islamic capital market and expanding retail participation in Shariah-compliant investment products. Through the Sah program, the Kingdom is seeking to promote household savings while deepening financial inclusion and supporting the wider objectives of its Vision 2030 financial sector reforms.