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The National Debt Management Center announced via its official X account that Saudi Arabia’s Sah savings sukuk program had opened subscriptions for the second round of 2026 offering an annual return of 4.58 percent. The window ran from February 1 to February 3 and was accessible exclusively through approved digital platforms of accredited financial institutions. The product provides one-year maturity with fixed returns paid at maturity according to the announcement.
According to the National Debt Management Center announcement the minimum subscription amount was set at SR1,000 equivalent to $266.59 while the upper limit reached SR200,000 for up to 200 sukuk per investor. Eligible Saudi nationals must be at least 18 years old and maintain accounts with one of the designated entities including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest or Al Rajhi Capital. The sukuk are issued directly by the Ministry of Finance and organized by the National Debt Management Center as the Kingdom’s inaugural retail savings instrument.
The February tranche followed the first 2026 round that had carried a 4.73 percent return and closed after several days of strong uptake in early January the program reported. Future monthly rounds will see returns adjusted based on market conditions at the time of issuance according to the center’s guidance. Profits accrue over the one-year term and are disbursed in full upon maturity.
The Sah program forms part of the National Debt Management Center’s ongoing initiatives to promote household savings and increase individual engagement with local capital markets. Successive rounds have maintained consistent parameters including the one-year tenor and Shariah-compliant structure the center has outlined in its announcements. Retail demand has remained evident across the initial offerings of 2026.
Fitch Ratings affirmed Saudi Arabia’s long-term foreign-currency issuer default rating at A+ with a stable outlook in its January 2026 assessment. Fitch Ratings projects the Saudi economy will expand by 4.8 percent in 2026 driven by non-oil revenues and ongoing reforms. The agency also anticipates the fiscal deficit narrowing to 3.6 percent of gross domestic product by 2027.
Subsequent Sah sukuk issuances have continued on a monthly basis with returns fluctuating modestly around the 4.5 to 4.6 percent range according to National Debt Management Center updates tracked by Salaam Gateway. The May 2026 round carried 4.56 percent while the July offering rose to 4.60 percent per those announcements. The program has sustained its focus on providing accessible low-risk options for individual investors throughout 2026.
