Government Sukuk Product Closes First Savings Round for February 2024 with A Total Amount of SAR861 Million

The Government Sukuk product closed its first savings round, with a total volume of savings requests reaching SAR861 million, On February 6, 2024. The requests were fully allocated on February 13, 2024, with a total number of savers reaching 35,000, according to a press release from the National Debt Management Center (NDMC).

The release stated that the return on the Government Sukuk product in February is (5.64%), and the maturity date will be in February 2025. The second savings round is scheduled for March 3, 2024, according to the published calendar for Government Sukuk. The window will be opened through the digital channels of the participant financial institutions.

The Government Sukuk product, launched by the Ministry of Finance and the NDMC, is an initiative under the umbrella of the Financial Sector Development Program’s initiatives, one of the Saudi Vision 2030 programs. It aims to increase the savings ratios among individuals by motivating them to allocate a portion of their income to savings periodically, increase the supply of savings products, and raise awareness around financial literacy and the importance of savings and its benefits for future plans.