Latest news with #FinancialSectorDevelopment
Arab News
7 days ago
- Business
- Arab News
Saudi Arabia opens August ‘Sah' savings sukuk window with 4.97% return
RIYADH: Saudi Arabia has announced the opening of the August subscription window for its government-backed savings sukuk, offering an annual return of 4.97 percent, marking an increase from July's 4.88 percent. The 'Sah' sukuk is part of the 2025 issuance calendar overseen by the National Debt Management Center under the Ministry of Finance. The initiative is aligned with the Financial Sector Development Program, a key pillar of Vision 2030, which aims to elevate the national savings rate from 6 percent to 10 percent by the end of the decade. Subscription for the issuance opened at 10 a.m. Saudi time on Aug. 3 and will remain available until 3 p.m. on Aug. 5. The sukuk remains Shariah-compliant, denominated in Saudi riyals, and structured with a one-year maturity, offering fixed returns upon redemption. The minimum subscription amount is set at SR1,000 ($266.58), with a maximum cap of SR200,000 per investor. Individual investors aged 18 and above can participate through approved digital channels, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital. As the Kingdom's first retail-oriented, government-backed savings instrument, 'Sah' is designed to enhance personal financial planning and encourage disciplined savings habits among individuals. The product offers several features to make savings accessible, including zero subscription fees, a simplified digital onboarding process, and flexibility in redemption, allowing subscribers to withdraw their funds during specified windows without penalties on the principal amount. The sukuk is issued in the form of lease-based structures, ensuring compliance with Shariah principles, and does not qualify as a tradable security on the Saudi financial market. The NDMC said the return rate for each issuance is determined based on prevailing market conditions, which may vary month to month. 'Sah' sukuk are considered low-risk, government-guaranteed instruments, contributing to the Kingdom's broader strategy of expanding the range of domestic savings products available to individuals. The NDMC said the sukuk supports the development of a more robust savings culture while fostering collaboration between public institutions and private financial entities.
Zawya
13-07-2025
- Business
- Zawya
STC Bank launches "Numu+" savings product
STC Bank has launched the unique savings product "Numu+", which aims to encourage customers to save through an innovative concept. Customers can benefit from valuable additional rewards and gifts, including luxury cars, cash, and electronic devices, offered by the bank as an incentive to grow their personal savings. The "Numu+" savings product was primarily designed as an account that enables customers to save through a unique experience via the bank's app. This product is in line with the Vision 2030, specifically the Financial Sector Development Program, and the goal of raising the savings rate across the Kingdom from 6% to 10%. It also continues STC Bank's efforts to introduce innovative digital products that enhance the financial solvency of various customer segments. STC Bank's continued growth is driven by its customer centric digital financial services platform, which allows individual users to open a bank account with an IBAN number. This allows customers to enjoy a host of benefits, including the "Numu+" savings service, instant local and international transfers at competitive rates via mobile numbers, card services, an online store, expense monitoring and financial planning features, and other daily financial transactions, all of which have become easier than ever before.
