Arab News | Saudi Arabia opens September ‘Sah’ sukuk with 4.8% annual return

RIYADH: Saudi Arabia has opened subscriptions for its September “Sah” savings sukuk, offering a fixed annual return of 4.80 percent, up from 4.70 percent in August’s issuance. 

The window opened at 10 a.m. Saudi time on Sept. 6 and closes at 3 p.m. on Sept. 8, according to the National Debt Management Center, or NDMC. 

The Shariah-compliant sukuk is denominated in Saudi riyals, carries a one-year maturity and pays a fixed return at maturity. The issuance is part of the NDMC’s 2026 calendar and reflects the Kingdom’s efforts to boost household savings and advance financial inclusion. 

The Shariah-compliant sukuk is denominated in Saudi riyals, carries a one-year maturity and pays a fixed return at maturity. The issuance is part of the NDMC’s 2026 calendar and reflects the Kingdom’s efforts to boost household savings and advance financial inclusion. 

In a post on X, the NDMC said the minimum subscription is SR1,000 ($266), while the maximum is capped at SR200,000 per individual across the program period. 

The sukuk is available only to Saudi citizens aged 18 or older through approved platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest and Al Rajhi Capital.  

Issued monthly, “Sah” sukuk returns are set according to prevailing market conditions. The program is issued by the Ministry of Finance and arranged by the NDMC and is designed to encourage personal savings and expand financial inclusion. 

Launched under Vision 2030’s Financial Sector Development Program, “Sah” aims to raise the Kingdom’s national savings rate to 10 percent by 2030, up from about 6 percent currently. 

International sukuk 

On Sept. 2, the Kingdom raised $3.25 billion through a two-tranche international sukuk issuance that drew about $16.5 billion in orders, the NDMC said. 

The order book was about five times the size of the offering, as the Kingdom tapped international Islamic debt markets through its Global Trust Certificate Issuance Program. 

Separately, Saudi Arabia’s non-oil private sector grew at its fastest pace in six months in August, with the Riyadh Bank Purchasing Managers’ Index rising to 53.8, driven by stronger business activity and domestic demand. 

The reading came as the non-oil economy continued to show resilience amid a sharp downturn in oil activity.