Saudi Arabia Launches Third Round of Sah Savings Product, Offering 5.59% Return
In a bid to promote financial stability and growth among citizens, Saudi Arabia has opened its third round of the subscription-based savings product, Sah, for April, with a promising 5.59 percent return. The Shariah-compliant, government-backed sukuk commenced on April 21 and will run until April 23, with redemption amounts set to be paid within a year, according to the National Debt Management Center.
Encouraging Private Sector Cooperation through Sah Savings Product
Hani Al-Madini, CEO of the NDMC, highlighted that the sukuk serves as a catalyst for private sector cooperation and participation in developing and launching various savings products tailored to diverse demographics. These initiatives could involve partnerships with banks, fund managers, financial technology companies, and more.
Supporting Saudi Vision 2030 with Sah Savings Product
Sah, the first savings product designed for individuals, supports the Financial Sector Development Program, a key component of Saudi Vision 2030. The program aims to raise the savings rate among residents from 6 percent to the international standard of 10 percent by 2030.
Details of Sah Savings Product
The minimum subscription amount for Sah is set at SR1,000 ($266), while the maximum is SR200,000 per user during the program period. The product is open to Saudi nationals aged 18 and above, with returns provided on a monthly basis. The saving period is one year with a fixed return, and future returns will be determined based on month-to-month market conditions.
How to Participate in Sah Savings Product
To participate in Sah, individuals must open an account with approved financial institutions such as SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, or Al Rajhi Capital. Don’t miss out on this opportunity to secure your financial future with Sah!