On Tuesday 6th of February 2024, the Government Sukuk product closed its first savings round, with a total volume of savings requests reaching (861) million riyals. The requests were fully allocated on Tuesday 13th of February 2024, where a total number of savers reaching (35) thousand.
It is noteworthy that the return on the Government Sukuk product in February is (5.64%), where the maturity date will be in February 2025. The second savings round is scheduled to be on Sunday 3rd of March 2024, according to the published calendar for Government Sukuk. The window will be opened through digital channels of the participant financial institutions.
The Government Sukuk product, which was launched by the Ministry of Finance and the National Debt Management Center, is an initiative under the umbrella of the Financial Sector Development Program's initiatives (one of the Saudi Vision 2030 programs) aimed to increase the savings ratios among individuals by motivating them to allocate a portion of their income to savings on a periodic basis, in addition to increasing the supply of savings products, raising the awareness around financial literacy and the importance of savings and its benefits for future plans.