The Ministry of Finance and the National Debt Management Center are set to launch the first government-supported savings product for individuals, named “Sah” (derived from the initial letters of ‘Government Bonds’).
“Sah” Product Launch
The Chairman of the Ministry of Finance‘s Steering Committee, Mr. Abdulaziz Al-Farih, announced the “Sah” launching. Firstly, this is a part of the Financial Sector Development Program, under Saudi Vision 2030. Secondly, its goal is to boost individual savings rates.
Thirdly, “Sah” aims to broaden savings product availability. It also seeks to improve financial literacy, highlighting the value and advantages of saving for future objectives.
Remarks by the CEO of National Debt Management Center
The CEO of the National Debt Management Center, Hani Al-Madini, mentioned that these bonds are part of the domestic Sukuk program denominated in Saudi Riyal. He also highlighted that this initiative is an incentive for the private sector to collaborate and participate in developing and launching various savings products for specific purposes for different individual groups.
Sharia-Compliant “Sah” Savings Product
The Sharia-compliant savings product “Sah” offers attractive returns and will be available through the digital channels of several financial institutions, including: Al-Ahli Financial Company, Al-Jazira Markets Company, Al-Inma Investment Company, Al-Awwal Investment Company, and Al-Rajhi Financial Company.
Subscription Period
Finally, the subscription period for the first issuance of the “Sah” product will begin in February 2024. The issuance will be available from the fourth to the sixth day of the month.
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