Saudi Arabia opens subscription for November ‘Sah’ savings sukuk at 4.71% profit rate

Saudi Arabia has opened subscriptions for its November issuance of the government-backed “Sah” savings sukuk, offering investors an annual return of 4.71%, slightly lower than the 4.83% rate set in October, the National Debt Management Center (NDMC) announced.

The subscription window runs until 3 p.m. on November 4, according to an NDMC statement posted on X. The sukuk is part of the government’s 2025 issuance calendar and forms a key component of wider efforts to expand savings and deepen retail participation in the domestic debt market.

The one-year sukuk offers fixed returns paid at maturity, with a minimum subscription of 1,000 Saudi riyals ($266) and a maximum of 200,000 Saudi riyals per investor. Subscriptions are open to Saudi nationals aged 18 and over through approved digital investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital.

The Sah program was launched under Vision 2030, which aims to increase Saudi Arabia’s household savings rate from about 6% to 10% by 2030.

The initiative comes as sukuk continues to represent a growing share of the Kingdom’s funding strategy. In October, the NDMC raised 7.54 billion Saudi riyals ($2.01 billion) through its regular riyal-denominated sukuk program, issued across four tranches with maturities between 2029 and 2039.

Saudi Arabia remains the GCC’s most active issuer in the fixed-income market. According to the Kuwait Financial Centre (Markaz), the Kingdom raised $20.32 billion through 36 debt issuances in the third quarter of 2025, representing a 62.7% year-on-year increase.

S&P Global has previously noted that steady sukuk issuance, combined with growth in the non-oil economy, is expected to support the continued expansion of the global Islamic finance sector.