In this report, Argaam monitors details of the “Sah” product, a government sukuk product intended for individuals, which was launched in February 2024.
The “Sah” product is a Sharia-compliant security issued by the Saudi government through the Ministry of Finance and arranged through the National Debt Management Center (NDMC). 
The highest return for the product since its launch was 5.64% in both February and May 2024, while the lowest return was 4.66% in May 2025.
“Sah” Product Return since its Launch in February 2024
Month
Return Rate
Feb. 2024
5.64%
March
5.63%
April
5.59%
May
5.64%
June
5.55%
July*
—
August
5.48%
September
5.31%
October
4.92%
November
4.89%
December
4.83%
January 2025
4.95%
February
4.94%
March
4.98%
April
4.88%
May
4.66%
June
4.76%
July
4.88%
August
4.97%
September
4.88%
The current year has witnessed the maturity date of the “Sah” 2024 Sukuk product every month since February, as shown in the following table:
Sah 2024 Sukuk Maturity Date
Month
Maturity Date
Feb. 2024
Feb. 13, 2025
March
March 12, 2025
April
April 30, 2025
May
May 28, 2025
June
July 9 2025
July
—
August
Aug. 13, 2025
September
Sept. 24, 2025
October
Oct. 15, 2025
November
Nov. 12, 2025
December
Dec. 10, 2025
The Sah product has been allocated for individuals with lucrative returns that are offered on a monthly basis according to the issuance calendar. The saving period is for one year with a fixed return, and the accrued yields are disbursed at the end of the sukuk’s term (maturity date).
The product is intended for Saudi individuals, male and female, over the age of 18, provided the subscriber has an account with one of the financial institutions (SNB Capital, AlJazira Capital, Alinma Investment, Saudi Awwal Bank, and Al Rajhi Capital).
The product is characterized by being compatible with Islamic Sharia, with lucrative returns, government-backed, low-risk, easy to subscribe, no restrictions on redemption, and fees-free.
The product aims to enable individuals to make better financial planning for the future, increase the percentage of individuals who save periodically, provide a safe savings method, increase the supply of savings products and strengthen the culture of savings.
Details of Sah Product
Issue Type
Sah, which is the first Sharia-compliant savings product intended for individuals in the form of sukuks within the Kingdom’s local SAR-denominated sukuk program.
Payment Date
The annual yield on the sukuk will be paid on the maturity date
Redemption Request
Sukuk holders can request redemption during the periods specified according to the annual calendar published for “Sah” and the accumulated profit will not be accrued upon early withdrawal.
Financial institutions that provide subscription service
SNB Capital, AlJazira Capital, Alinma Investment, SAB Invest and Al Rajhi Capital
What is the return rate for the Sah product?
The return depends on market conditions from month to month.
Does the Sah product bear Zakat on savers?
No, it does not bear Zakat.
In this report, Argaam monitors details of the “Sah” product, a government sukuk product intended for individuals, which was launched in February 2024.
The “Sah” product is a Sharia-compliant security issued by the Saudi government through the Ministry of Finance and arranged through the National Debt Management Center (NDMC).
The highest return for the product since its launch was 5.64% in both February and May 2024, while the lowest return was 4.66% in May 2025.
“Sah” Product Return since its Launch in February 2024
Month
Return Rate
Feb. 2024
5.64%
March
5.63%
April
5.59%
May
5.64%
June
5.55%
July*
—
August
5.48%
September
5.31%
October
4.92%
November
4.89%
December
4.83%
January 2025
4.95%
February
4.94%
March
4.98%
April
4.88%
May
4.66%
June
4.76%
July
4.88%
August
4.97%
September
4.88%
The current year has witnessed the maturity date of the “Sah” 2024 Sukuk product every month since February, as shown in the following table:
Sah 2024 Sukuk Maturity Date
Month
Maturity Date
Feb. 2024
Feb. 13, 2025
March
March 12, 2025
April
April 30, 2025
May
May 28, 2025
June
July 9 2025
July
—
August
Aug. 13, 2025
September
Sept. 24, 2025
October
Oct. 15, 2025
November
Nov. 12, 2025
December
Dec. 10, 2025
The Sah product has been allocated for individuals with lucrative returns that are offered on a monthly basis according to the issuance calendar. The saving period is for one year with a fixed return, and the accrued yields are disbursed at the end of the sukuk’s term (maturity date).
The product is intended for Saudi individuals, male and female, over the age of 18, provided the subscriber has an account with one of the financial institutions (SNB Capital, AlJazira Capital, Alinma Investment, Saudi Awwal Bank, and Al Rajhi Capital).
The product is characterized by being compatible with Islamic Sharia, with lucrative returns, government-backed, low-risk, easy to subscribe, no restrictions on redemption, and fees-free.
The product aims to enable individuals to make better financial planning for the future, increase the percentage of individuals who save periodically, provide a safe savings method, increase the supply of savings products and strengthen the culture of savings.
Details of Sah Product
Issue Type
Sah, which is the first Sharia-compliant savings product intended for individuals in the form of sukuks within the Kingdom’s local SAR-denominated sukuk program.
Payment Date
The annual yield on the sukuk will be paid on the maturity date
Redemption Request
Sukuk holders can request redemption during the periods specified according to the annual calendar published for “Sah” and the accumulated profit will not be accrued upon early withdrawal.
Financial institutions that provide subscription service
SNB Capital, AlJazira Capital, Alinma Investment, SAB Invest and Al Rajhi Capital
What is the return rate for the Sah product?
The return depends on market conditions from month to month.
Does the Sah product bear Zakat on savers?
No, it does not bear Zakat.
