Saudi Arabia Opens November ‘Sah’ Sukuk Offering With 4.71% Return

RIYADH: Saudi Arabia has opened subscriptions for its November issuance of the government-backed “Sah” savings sukuk, providing investors with an annual interest rate of 4.71 percent, marginally lower than the 4.83 percent offered in October. 

The November issuance window opened at 10 a.m. Saudi time on Nov.2, and will close at 3 p.m. on Nov.4, the National Debt Management Center said in a post on X. 

Part of the 2025 issuance calendar managed by the NDMC, the sukuk reflects the Kingdom’s ongoing efforts to promote financial inclusion and encourage personal savings among its citizens.

Launched under the Financial Sector Development Program, a crucial initiative of the Vision 2030 agenda, Sah aims to raise the national savings rate to 10 percent by 2030, up from about 6 percent currently. 

According to the X post, the minimum subscription for the sukuk is SR1,000 ($266.56), while the maximum is capped at SR200,000 per investor.

The sukuk carries a one-year maturity and offers fixed returns paid at redemption.

Subscription for this sukuk is open to Saudi nationals above the age of 18 through approved digital platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital. 

Sukuk are Shariah-compliant financial instruments that offer investors partial ownership in an issuer’s underlying assets, making them a popular alternative to conventional bonds.

In October, NDMC announced that it raised SR7.54 billion through its riyal-denominated sukuk program. 

According to a press statement, the October issuance was divided into four tranches, with the first one valued at SR538 million set to mature in 2029. 

The second, worth SR493 million, is set to mature in 2032, followed by a third tranche of SR2.45 billion due in 2036. The fourth, which is the largest tranche, totaling SR4.06 billion, will mature in 2039.

Saudi Arabia’s debt market has witnessed robust growth in recent years, attracting strong investor interest in fixed-income instruments amid a global environment of rising interest rates.

In October, Kuwait Financial Center, also known as Markaz, said that Saudi Arabia dominated the Gulf Cooperation Council region’s primary debt market in the third quarter of 2025, raising $20.32 billion through 36 issuances, representing a 62.7 percent year-on-year increase in value. 

In April, S&P Global said that Saudi Arabia’s expanding non-oil sector and steady sukuk issuance volumes are likely to support the growth of the global Islamic finance industry.