Logo design of the cost savings item – Government Sukuk
The Ministry of Finance and the National Debt Management Center (NDMC) revealed the launch of the very first Shariah-compliant, government-backed cost savings item for private, called “Sah”.
The item is assigned for people with profitable returns that are provided on a month-to-month basis according to the issuance calendar. The conserving duration is for one year with a repaired return and the accumulated yields are paid out at the end of the sukuk’s term (maturity date).
The fees-free item is identified by working with Shariah requirements, government-backed, low-risk, simple to subscribe, besides providing rewarding returns without any constraints on redemption.
It intends to make it possible for people to make much better monetary preparation for the future, increase the portion of people who conserve regularly, offer a safe cost savings approach, increase the supply of cost savings items and enhance the culture of cost savings.
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New ProductInformation |
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Concern type |
Sah, which is the very first Shariah-compliant cost savings item meant for people in the type of sukuks within the Kingdom’s regional SAR-denominated sukuk program. |
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Start of membership to the very first concern |
Feb. 4, 2024 |
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End of membership to the very first problem |
Feb. 6, 2024 |
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Target classification |
Saudi male and female people just are over the age of 18 |
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Minimum membership limitation |
SAR 1,000, which is comparable to the worth of one sukuk |
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Optimum membership limitation |
SAR 200,000 for the overall variety of problems per person throughout the program duration |
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Yield payment date |
The yearly yield on the sukuk will be paid on the maturity date |
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Sukuk par worth |
SAR 1,000 |
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Sukuk yield |
Repaired yield for each problem |
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Maturity date |
Fiscal year |
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Redemption demand |
Sukuk holders can ask for redemption throughout the durations defined according to the yearly calendar released for “Sah”, and the built up revenue will not be accumulated upon early withdrawal |
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Banks that offer membership service |
SNB Capital, AlJazira Capital, Alinma Investment, SAB Invest and Al Rajhi Capital |
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Return rate |
It depends upon market conditions from month to month |
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The item has actually been assigned to Saudi male and female people just who are over the age of 18 years, supplied that the customer has an account with either SNB Capital, AlJazira Capital, Alinma Investment, SAB Invest or Al Rajhi Capital.
Membership dates for 2024 have actually been set, with that for the existing month running in between Feb. 4-6. The allowance will take location on Feb. 13 and the redemption duration will be from Feb. 18-21. The redemption quantities will be paid on Feb. 25.
Saudi Arabia to release very first cost savings item for people, membership begins on Feb. 4