NDMC unveiled plans to launch the first savings product intended for individuals and supported by the government

The National Debt Management Centre (NDMC) and the Saudi Ministry of Finance announced intentions to provide the first government-backed savings product for people. The savings initiative, called Sah—a play on the initial letters of the Arabic term Sakookun Hukoomiya, which refers to government bonds—will go into circulation on Sunday, February 4.

The launch of the Sah product is part of the Financial Sector Development Programme, one of the Kingdom's Vision 2030 programmes, according to Abdulaziz Al-Furaih, chairman of the Steering Committee at the Ministry of Finance. The program's goal is to encourage people to save more money by encouraging them to set aside a portion of their income on a regular basis.

In addition, more savings products will be available, financial literacy will be improved, and people will be more aware of the advantages of saving money and how it may help with goal-setting in the future.

According to NDMC CEO Hani Al-Madeeni, these sukuks are part of the programme for local sukuks denominated in Saudi riyals, which will be issued monthly in accordance with the Sah product's declared schedule of issuances.

Several financial institutions, including Al-Ahli Financial Company, Al Jazira Financial Markets Company, Alinma Investment Company, Al-Awal Investment Company, and Al-Rajhi Capital Company, will offer the savings product "Saha," which offers profitable returns and is compliant with Islamic Shariah.

The initial iteration of the Saha product will be available for subscription for three days, starting on Sunday, February 4, and ending on Tuesday, February 6. The product's specifications and release schedule are available at https://ndmc. gov.sa/gov-sukuk/Pages/default.aspx.

It is noteworthy that the National Debt Management Centre was founded in 2015 in order to maintain the Kingdom's access to various international financial markets at reasonable prices and to secure Saudi Arabia's financing needs with the best financing costs in the short, medium, and long term under an acceptable degree of risk in accordance with the financial policies.