The subscription period for the October issue of the “Sah” product for government Sukuk, open to individuals in Saudi Arabia, will begin on Sunday, October 6 and continue until 3 p.m. on Tuesday, October 8, 2024. This Sharia-compliant financial instrument, issued by the Saudi government through the Ministry of Finance and arranged by the National Debt Management Center, offers a return rate of 4.92%. The allocation of the Sukuk will take place on October 15, with a redemption period from October 20 to October 23, and redemption amounts paid on October 27. This savings product is designed for Saudi males and females over the age of 18, requiring subscribers to have an account with one of the participating financial institutions.
The “Sah” product aims to provide individuals with attractive returns that are disbursed monthly according to the issuance calendar. It has a fixed return over a one-year savings period, with profits distributed at the end of the instrument’s life, known as the maturity date. This initiative is part of the Financial Sector Development Program, which aims to boost savings rates among individuals by encouraging them to save a portion of their income regularly. By increasing the supply of savings products, the program seeks to enrich financial literacy and raise awareness on the importance of savings for planning future goals.
The “Sah” Sukuk product is an opportunity for individuals in Saudi Arabia to participate in a Sharia-compliant savings instrument issued by the government. It offers a fixed return rate of 4.92% over a one-year period, with profits disbursed at the end of the instrument’s life. The subscription period for the October issue will run from October 6 to October 8, with the allocation scheduled for October 15. Investors will have the opportunity to redeem their Sukuk from October 20 to October 23, with redemption amounts to be paid on October 27.
To participate in the “Sah” product, Saudi males and females over the age of 18 must have an account with one of the participating financial institutions, including AlAhli Financial Company, AlJazira Capital Markets Company, Alinma Investment Company, Alawal Bank, and AlRajhi Financial Company. By offering attractive returns and promoting financial literacy, the program aims to increase the supply of savings products and encourage individuals to save for their future goals. This initiative aligns with the broader goals of the Financial Sector Development Program to raise savings rates and enhance financial stability.
The subscription period for the October issue of the “Sah” Sukuk product provides individuals in Saudi Arabia with an opportunity to invest in a Sharia-compliant savings instrument issued by the government. With a fixed return rate of 4.92% over a one-year period, this savings product aims to encourage individuals to save a portion of their income regularly. By disbursing profits monthly according to the issuance calendar and at the end of the instrument’s life, the “Sah” product offers a convenient way for investors to earn attractive returns on their savings.
The “Sah” Sukuk product is part of the efforts to raise savings rates among individuals in Saudi Arabia and promote financial stability. By offering a fixed return rate and encouraging regular savings, the program aims to help individuals plan for their future goals and build financial security. With the subscription period for the October issue opening on October 6 and closing on October 8, investors have the opportunity to participate in this Sharia-compliant savings product and benefit from attractive returns.
