Saudi Arabia’s August Sah savings sukuk offered citizens a 4.70% annual return, up from 4.60% in July, giving households a government-backed Shariah-compliant alternative for short-term savings. The one-year sukuk is denominated in Saudi riyals and pays its fixed return at maturity. Subscriptions started at SAR1,000 and were capped at SAR200,000 per person, with the August window running from August 2 to August 4. The product is available only to Saudi citizens aged 18 or older through participating investment platforms including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest and Al Rajhi Capital.
Sah was launched under the Financial Sector Development Program as part of Saudi Arabia’s effort to increase household savings. Unlike a conventional bank deposit, investors subscribe to a government sukuk issued through the National Debt Management Center. The return changes with each monthly issuance according to market conditions and government funding costs. Investors can request early redemption during designated periods, but doing so means giving up the accumulated return, making Sah better suited to money that can remain invested for the full one-year term. Saudi authorities are targeting a national savings rate of 10% by 2030, compared with roughly 6% currently.
Saudi Savers Can Access Income Through Sukuk ETFs
Saudi investors seeking daily liquidity can also access government sukuk through exchange-traded funds on Tadawul. The Albilad Saudi Sovereign Sukuk ETF, ticker 9403, holds a basket of Saudi riyal sovereign sukuk and had about SAR55.6 million in assets as of July 28, 2026, and yielded 4.19% in the last 12 months.
Albilad Capital reported 24 sukuk in the portfolio as of July 5. Unlike Sah, units can be bought and sold during market hours, although their price can move as interest rates and sukuk valuations change.
The Alinma Saudi Government Sukuk ETF, ticker 9404 which yielded 3.48% in the last 12 months provides another route, with a particular focus on shorter maturities.
It tracks the iBoxx Tadawul SAR Government Sukuk 0-5 Index, which holds Saudi government sukuk with five years or less remaining to maturity. The fund had about SAR410 million in assets in late July and charges a 0.25% annual management fee. Sah therefore offers a defined one-year return for eligible Saudi savers, while the listed funds provide tradable exposure to a broader portfolio of government sukuk.
