RIYADH: Saudi Arabia opened subscriptions for its October “Sah” savings sukuk with a 5 percent annual return, giving individual investors a higher yield than the previous month’s offering. 

The subscription window opened at 10 a.m. Saudi time on Oct. 4 and will close at 3 p.m. on Oct. 6, according to the National Debt Management Center, or NDMC. The October return is 20 basis points higher than the 4.80 percent offered in September. 

The riyal-denominated, Shariah-compliant sukuk has a one-year saving period, with the annual return paid 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 offering is available exclusively to Saudi citizens aged over 18 through approved investment platforms including SNB Capital, Al Rajhi Capital, AlJazira Capital, Alinma Investment and SAB Invest.  

Sah is a government-backed savings product issued by the Ministry of Finance and arranged by the NDMC under the Kingdom’s local riyal-denominated sukuk program. Its return is set monthly according to market conditions.  

The product forms part of Saudi Arabia’s broader push to encourage household saving and expand the availability of savings products under the Financial Sector Development Program, one of the Vision 2030 realization programs. The FSDP has a 2030 target of a 10 percent household savings rate, up from about 6 percent currently. 

Domestic sukuk 

The October retail offering comes after the government raised SR1.64 billion through its September domestic riyal-denominated sukuk program, according to the NDMC. 

The September issuance was split into six tranches maturing in 2029, 2031, 2033, 2036, 2039 and 2041. The largest tranche was SR705 million due in 2041, followed by SR650 million maturing in 2031.

The latest Sah offering also comes as the Saudi economy is expected to regain momentum. The Organisation for Economic Co-operation and Development projects gross domestic product growth of 4.1 percent in 2027, compared with 3 percent for both the global economy and G20. The forecast also exceeds the projected growth rates of each G7 economy, according to the OECD outlook.