Saudi Arabia opens May “Sah” Sukuk subscription at 4.56% return

Saudi Arabia has opened subscriptions for its May issuance of government-backed “Sah” savings Sukuk, offering an annual return of 4.56%, up from 4.50% in the previous month, according to the National Debt Management Center.

The subscription window opened on May 3 at 10:00 a.m. local time and will close on May 5 at 3:00 p.m., as part of the Kingdom’s 2026 Sukuk issuance programme aimed at encouraging personal savings and financial participation.

The minimum subscription amount is $266.56, with a maximum of $53,302 per investor. The Sukuk carries a one-year maturity and offers fixed returns payable at redemption.

The “Sah” Sukuk is part of Saudi Arabia’s Financial Sector Development Programme, which seeks to increase the national savings rate from around 6% to 10% by 2030.

The product is designed as a low-risk, Shariah-compliant savings instrument, offering fee-free participation, flexible redemption and returns linked to prevailing market conditions.

Subscriptions are available to Saudi nationals aged 18 and above through approved platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest and Al Rajhi Capital.

The latest issuance follows continued activity in the Kingdom’s domestic debt market. In April, the NDMC raised SR16.94 billion through its riyal-denominated Sukuk programme across five tranches, with maturities ranging from 2031 to 2041.

The offering comes amid stable sovereign credit conditions, with Fitch Ratings reaffirming Saudi Arabia’s A+ rating with a stable outlook earlier this year, citing strong fiscal metrics and financial reserves.