Saudi Gazette report

RIYADH — The subscription period for the October issue of the “Sah” product for government Sukuk, dedicated to individuals in Saudi Arabia, begins Sunday, October 6, and continues until 3 p.m. on Tuesday, October 8, 2024.

The return rate was set at 4.92%, and the allocation will take place on October 15. The redemption period will be from October 20 to October 23, with redemption amounts paid on October 27.

This product is a Sharia-compliant financial instrument issued by the Saudi government through the Ministry of Finance and is arranged through the National Debt Management Center.

It is a savings product dedicated to individuals, offering attractive returns that are provided monthly according to the issuance calendar.

The savings period is one year with a fixed return, and profits are disbursed at the end of the instrument’s life (maturity date).

The product is intended for Saudi males and females over the age of 18, provided that the subscriber has an account in one of the financial institutions: AlAhli Financial Company, AlJazira Capital Markets Company, Alinma Investment Company, Alawal Bank, and AlRajhi Financial Company.

The “Sah” product is part of the initiatives of the Financial Sector Development Program that aims to raise savings rates among individuals by encouraging them to set aside a portion of their income periodically for savings.

Additionally, the program seeks to increase the supply of savings products, enrich financial culture, and raise awareness of the importance of saving and its benefits for planning future goals.