Riyadh, February 14, 2024, The Government Sukuk product has successfully concluded its first savings round, with an impressive total volume of savings requests amounting to SAR 861 million. The National Debt Management Center (NDMC) announced that these requests were fully allocated on February 13, 2024, attracting a substantial number of savers totaling 35,000, according to a press release.
The Government Sukuk product, initiated by the Ministry of Finance and the NDMC, is a key component of the Financial Sector Development Program under Saudi Vision 2030. The primary objectives of this initiative include encouraging individuals to increase their savings ratios by allocating a portion of their income periodically. Additionally, the program seeks to enhance the supply of savings products, promote financial literacy, and raise awareness about the benefits of savings for future plans.
The return on the Government Sukuk product for February is reported at 5.64%, with the maturity date set for February 2025. The success of the first savings round highlights the positive response from the public and their keen interest in participating in this innovative financial instrument.
Looking ahead, the second savings round is scheduled for March 3, 2024, as per the published calendar for Government Sukuk. Interested individuals can participate through the digital channels provided by the participant financial institutions, further promoting accessibility and inclusivity in the savings process. This initiative aligns with the broader vision of fostering a culture of financial responsibility and planning among Saudi citizens.
