Saudi Arabia Launches Sixth Round of Sah Savings Product
In a bid to promote financial stability and encourage saving among its citizens, Saudi Arabia has kicked off the sixth round of its subscription-based savings product, Sah, for August. This round offers an attractive return of 5.48 percent.
Aligning with Vision 2030
Managed by the National Debt Management Center and issued by the Ministry of Finance, Sah is a Shariah-compliant sukuk designed to be low-risk and fee-free. It aligns with Saudi Vision 2030’s Financial Sector Development Program, aiming to raise the national savings rate to 10 percent by 2030.
Accessible and Structured Savings
Subscriptions for Sah start at a minimum of SR1,000 ($266.39) and have a maximum limit of SR200,000. This structured approach aims to make savings more attractive and accessible to a wider population, further promoting financial growth and stability.
Participation and Returns
The Sah product is available to Saudi nationals aged 18 and above through approved financial institutions. It offers attractive returns aligned with market rates and allows for redemption according to a published annual calendar.
Future Initiatives
CEO of the National Debt Management Center, Hani Al-Medaini, emphasized the aim of fostering private-sector collaboration through the Sah sukuk. Future initiatives include tailored savings products for various individual categories, promoting financial inclusion and savings culture in the Kingdom.