Subscription to Sah product starts on Nov. 3, return set at 4.89%

Logo of Shariah-compliant, government-backed savings product (Sah)  

Individuals will start subscribing to the November issuance of the Shariah-compliant, government-backed savings product (Sah) tomorrow, Nov. 3. The sukuk are issued by the Ministry of Finance and are arranged by the National Debt Management Center’s (NDMC).

 
The return was set at 4.89%, while the allocation will take place on Nov. 12. The redemption period will run from Nov. 17-20. Redemption amounts will be paid on Nov. 24.
 
The product is allocated for individuals with lucrative returns that are offered on a monthly basis, in accordance with the issuance calendar. The saving period is for one year with a fixed return and the accrued yields are disbursed at the end of the sukuk’s term (maturity date).
 
Sah is for Saudi citizens only, who are above 18 years, provided the subscriber has an account with either SNB Capital, AlJazira Capital, Alinma Investment, SAB Invest or Al Rajhi Capital.
 
The fees-free product is characterized as compatible with Shariah standards, government-backed, low-risk, easy to subscribe, besides offering lucrative returns with no restrictions on redemption.
 
It aims to enable individuals to make better financial planning, increase the percentage of individuals who save periodically, provide a safe savings method, increase the supply of savings products and strengthen the culture of savings.