The Ministry of Finance and the National Debt Management Center “NDMC” executed a memorandum of understanding (MoU) with SNB Capital to develop and launch the individual savings Sukuk to motivate individuals to design better plans for the future, and to seek for strategic partnerships with the private sector.
Such memorandum is in the context of enhancing collaboration between the Ministry, NDMC, and SNB Capital. The Ministry and NDMC aim to enhance the concept of saving across the Kingdom of Saudi Arabia by driving the expansion of savings products. That is a part of the ongoing work under the Financial Sector Development Program to Promote and Enable Financial Planning.
The memorandum was signed by Chairman of the Steering Committee Abdulaziz AlFuraih, representing the Ministry of Finance, the CEO of the National Debt Management Center Hani Almedaini, and the Executive Chairman and Board Member Rashid Ibrahim Sharif, representing SNB Capital.
Abdulaziz AlFuraih highlighted that this memorandum displays the Ministry's and the Center’s aim to develop the first government-supported savings product and aims toward achieving the goals of the Kingdom's Vision 2030 in general through the pursuit of the financial sector development program's goals. It aims to increase the proportion of individuals’ savings on a regular basis, increase the supply of saving products, and to raise awareness of the importance of saving and its benefits in planning future objectives.
For his part, CEO at the National Debt Management Center Hani Almedaini emphasized that this memorandum is an invitation to the private sector to collaborate and participate in the development and launching of a number of saving products for specific purposes and benefiting different groups of individuals, whether through banks, fund managers, fintech companies, or others.
On his end, CEO of SNB Capital Rashid Sharif said: “This MoU enables us together with the Ministry and NDMC to offer government-supported savings products and solutions that meet the needs of citizens and residents. This partnership reflects our keenness to share our experiences and collaborate to develop and launch new saving products to further support economic diversification, saving, financing, and investing.”
Last Modified Date: 10/08/2022 - 1:18 PM Saudi Arabia Time