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JEDDAH: �������� has launched the fourth round of its Sah savings product for 2025, offering a 4.88 percent return for April under the Ijarah sukuk structure.  

Issued by the Ministry of Finance and managed by the National Debt Management Center, Sah is the Kingdom’s first savings bond designed for individuals. It operates under the Ijarah format, a Shariah-compliant structure similar to leasing, where investors earn returns in exchange for the right to use an asset.  

The offering, part of the local bond program and denominated in riyals, aligns with Saudi Vision 2030’s goal of increasing the national savings rate from 6 percent to 10 percent by the end of the decade. 

In late February, the NDMC confirmed it would continue using the Ijarah format for future issuances to provide accessible, low-risk savings solutions. This initiative, a key component of the Financial Sector Development Program under Vision 2030, seeks to enhance personal savings by fostering regular financial habits, expanding product availability, and promoting financial literacy to support future goal planning. 

The latest issuance opened at 10:00 a.m. Saudi time on April 6 and will close at 3:00 p.m. on April 8. 

The allocation date is set for April 15, with the redemption period running from April 20 to 22, and redemption payments scheduled for April 30, according to the center. 

The bonds, accessible via digital platforms of approved financial institutions, offer a one-year savings period with fixed returns upon maturity. The minimum subscription is SR1,000 ($266), with a maximum limit of SR200,000 per user across all issuances during the program period. 

The product is fee-free and offers low-risk returns. Eligible Saudi nationals aged 18 and above can subscribe through Aljazira Capital, Alinma Investment, SAB Invest, Al-Rajhi Capital, and SNB Capital.  

Under the same sukuk structure, the March round of this year’s program offered a 4.98 percent return and raised SR2.64 billion through sukuk issuances. 

According to the NDMC, the March issuance was divided into four tranches. The first tranche, valued at SR364 million, will mature in 2027. The second, worth SR316 million, is set to mature in 2029, while the third, amounting to SR1.46 billion, will mature in 2032. The fourth and final tranche, worth SR500 million, will mature in 2039. 

The Kingdom’s debt market has experienced substantial growth in recent years, drawing strong investor appeal amid a global environment of rising interest rates. 

A March report by Kuwait Financial Center, known as Markaz, revealed that �������� led the Gulf Cooperation Council in primary bond and sukuk issuances during 2024, raising $79.5 billion across 79 issuances.