On Tuesday 5 of March 2024, the Government Sukuk product closed its Second savings round, with a total cumulative volume of savings allocated requests reaching (959) million riyals, where a total number of savers reaching (37) thousand for all rounds.
It is noteworthy that the return on the Government Sukuk product in March is (5.63%), where the maturity date will be in March 2025. The third savings round is scheduled to be on Sunday 21st of April 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.
*Numbers are rounded to the nearest decimal.