The Saudi Ministry of Finance, in collaboration with the National Debt Management Center, has recently concluded the second round of its government sukuk savings program, witnessing an impressive turnout. The initiative successfully secured commitments exceeding SAR 959 million from a participant base of 37,000 individuals. This round of savings bonds, which concluded on March 5, offered an attractive annual return rate of 5.63%, with the bonds maturing in March 2025.
Investors looking forward to the next round of government sukuk will have the opportunity to participate beginning April 1, 2024, as indicated in the official calendar. Prospective participants can engage with the program via digital platforms provided by associated financial institutions.
The sukuk savings scheme is part of the broader Financial Sector Development Program, which itself is a component of the ambitious Saudi Vision 2030. This initiative is designed to bolster individual savings rates among citizens by encouraging them to allocate a segment of their income towards regular saving habits. Furthermore, it aims to diversify savings products available in the market and enhance financial literacy, emphasizing the significance and advantages of saving practices.