RIYADH: Saudi Arabia has opened subscriptions for its September “Sah” savings sukuk, offering a fixed annual return of 4.80%, up from the 4.70% offered in August. The subscription window opened at 10 a.m. Saudi time on September 6 and will close at 3 p.m. on September 8, according to the National Debt Management Center (NDMC).
The Shariah-compliant sukuk is denominated in Saudi riyals and has a one-year maturity, with the fixed return paid at maturity. The September issuance is part of the Kingdom’s 2026 Sah sukuk program and reflects Saudi Arabia’s efforts to encourage household savings and promote greater financial inclusion.
The minimum subscription amount is SR1,000 ($266), while individual investors can subscribe for up to SR200,000 over the program period. The sukuk is available exclusively to Saudi citizens aged 18 and above through approved investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest and Al Rajhi Capital.
The Sah savings sukuk is issued on a monthly basis, with returns determined according to prevailing market conditions. The program is issued by Saudi Arabia’s Ministry of Finance and arranged by the NDMC, with the broader objective of encouraging individuals to save and increasing participation in the Kingdom’s financial markets.
Launched under the Vision 2030 Financial Sector Development Program, the Sah initiative is designed to support Saudi Arabia’s goal of raising the national savings rate to 10% by 2030, compared with around 6% currently.
The latest domestic sukuk offering follows Saudi Arabia’s successful return to international Islamic debt markets. On September 2, the Kingdom raised $3.25 billion through a two-tranche international sukuk issuance, attracting approximately $16.5 billion in orders from investors. The order book was around five times larger than the amount offered, highlighting strong demand for Saudi sovereign Islamic debt.
The international transaction was conducted under Saudi Arabia’s Global Trust Certificate Issuance Program and further demonstrates the Kingdom’s continued presence in global Islamic capital markets. The strong investor response also reflects sustained appetite for Saudi Arabia’s sukuk offerings among international investors.
Meanwhile, Saudi Arabia’s non-oil private sector recorded stronger growth in August. The Riyad Bank Purchasing Managers’ Index rose to 53.8, its highest level in six months, supported by increased business activity and domestic demand. The performance came despite a sharp decline in oil-sector activity, highlighting the continued resilience of the Kingdom’s non-oil economy.
The latest Sah issuance and the Kingdom’s international sukuk activity underline Saudi Arabia’s ongoing efforts to develop its Islamic capital market, encourage domestic savings and diversify its financing sources as part of its broader Vision 2030 economic strategy.