Saudi Arabia closes savings round of its Sah bonds for February at SR861 million

Saudi Arabia closes savings round of its Sah bonds for February at SR861 million

Saudi Gazette reportRIYADH — The savings round of Saudi Arabia’s first Shariah-compliant and government-backed sukuk (Sah) for the month of February came to end with a total volume of requests reaching SR861 million ($229.5 million). A total of 35,000 Saudis turned out to gain the government bond that was first floated for public subscription on Feb. 4. The government sukuk product was fully allocated for Saudi individual applicants on Tuesday, Feb. 13. Sah offers an attractive return of 5.64 percent for February, with a full-year maturity date set for February 2025. The second savings round of Sah is scheduled to begin on Sunday, March 3, according to the calendar announced by Sah. The window will be opened for the participants through the digital channels provided by their respective financial institutions.The Saudi Ministry of Finance and the National Debt Management Center (NDMC) recently launched the Sah product, which comes within the initiatives of the Financial Sector Development Program, one of the Kingdom’s Vision 2030 programs. Sah is aimed at raising savings rates among individuals by motivating them to deduct part of their income periodically and set aside it for saving.The product is allocated for individuals with lucrative returns that are offered