A Bahrain investor field guide
Government securities, made clear
Understand T-bills, bonds and sukuk, calculate a return, then see exactly how an offering works.
- Shortest tenor
- 91 days
- Longest bond
- 30 years
- 3-month bills
- Weekly
- Conventional + Islamic
- 6 types
01 / Understand the basics
Three different ways your return reaches you
Choose an instrument to see how money moves. The structure changes, but each ends with face value repaid at maturity.
Short term · conventional
Treasury bills
You buy below face value and receive the full face value at maturity. There are no payments in between; the difference is your return.
Illustration: pay BHD 97.40, receive BHD 100 at maturity.
Compare all six instruments
| Instrument | Tenor | Return | Issuance |
|---|---|---|---|
| Treasury bills (T-bills) | 91, 182 or 364 days | Sold at a discount and redeemed at face value; the difference is your return. Priced through a variable-rate auction. | 3-month bills weekly; 6 and 12-month bills monthly. |
| Government development bonds | 2 to 30 years | Fixed coupon set by the CBB Monetary Policy Committee, paid semi-annually. Allotted pro-rata via fixed-rate tender. | Ad hoc, when the Ministry of Finance requests an issue. |
| Al Salam sukuk | 91 days | Fixed rate of return pre-set by the Monetary Policy Committee; allotted pro-rata via fixed-rate tender. | Monthly. |
| Short-term Ijara sukuk | 182 days | Fixed rental return pre-set by the Monetary Policy Committee; allotted pro-rata. | Monthly. |
| Long-term Ijara sukuk | 2 to 10 years | Fixed rental return pre-set by the Monetary Policy Committee, paid semi-annually. | Ad hoc, at the request of the Ministry of Finance. |
| Ijara / Murabaha sukuk | Short and long term | Periodic rental payments semi-annually for long-term sukuk, or a single payment at maturity for short-term sukuk. | Under the Domestic Sukuk Programme on behalf of the Ministry of Finance. |
Read before you invest
The official notice sets the tenor, return and issue date. Your bank or broker sets the order deadline and fees.
02 / Return calculator
What could you receive?
Enter the figures from any official announcement. Results are illustrative and include an optional fee.
Your illustrative return
Net profit at maturity
- Amount paid
- BHD 9,739.70
- Estimated fee
- BHD 4.87
- Annualised yield
- 5.29%
- Maturity value
- BHD 10,000.00
Illustration only. The bill calculator uses the 360-day basis used in published CBB yields. Confirm actual fees with your institution.
03 / The issuance lifecycle
Four dates define the journey
Order deadline
Set by your bank or broker and usually earlier than the CBB tender.
Tender date
Eligible institutions submit bids. Results and allotments are then determined.
Issue date
Cash is settled, the security is issued, and its tenor begins.
Maturity date
Face value is repaid and the security ends.
How to decode a CBB announcement
- Amount
- The total size of the issue, not the amount one investor can buy.
- Tenor
- How long the money is invested, measured from issue to maturity.
- Weighted average rate
- The annualised yield across accepted T-bill bids, weighted by bid size.
- Price per 100
- What you pay for BHD 100 of face value. For a T-bill, a lower price means a higher yield.
- Subscription
- Demand compared with the amount offered. Above 100% means the issue was oversubscribed.
Issuance rhythm
Offerings tracker
Last 10 offerings, next 20 expected
Past results come straight from Central Bank of Bahrain press releases and refresh automatically. Upcoming dates through end-2026 are official, from the CBB issuance calendar; anything beyond is projected automatically from each series' official issuance rhythm.
From issuance to investor
Government securities reach individuals through Bahrain's financial institutions and licensed brokers.
04 / How to participate
You do not bid at the CBB yourself
A bank, investment firm or licensed broker places the order for you. Minimums, fees and deadlines vary.
Retail bank
Ask whether your bank accepts orders for T-bills, bonds and sukuk, and confirm its minimum, fees and deadline.
Investment bank or broker
An active investment account and current identity documents may be required before the institution can bid for you.
Bahrain Bourse
Some development bond issues are offered through licensed Bourse brokers and may later trade on the exchange.
- 01
Check the issuance calendar on the CBB website for upcoming offering dates.
- 02
Participate through a licensed financial institution (retail or investment bank) or a broker licensed by Bahrain Bourse.
- 03
Confirm the subscription policy and minimum investment with your institution, as these vary. An account opening may be required.
- 04
Your institution submits the tender on your behalf on the auction date, typically two days before allotment.
- 05
T-bills are allotted at the weighted average rate; bonds and sukuk carry a predetermined rate and are allotted pro-rata.
Before you place the order
Confirm the minimum, fee, VAT, deadline and treatment of unallotted cash.
05 / Subscription channels
Where you can subscribe
Ask about government T-bill, sukuk and bond offerings through these banks and digital channels. Select a logo to visit its official website.
Not every instrument is available through every channel. Confirm eligibility, minimums, fees and deadlines directly before placing an order.
NBB
National Bank of Bahrain
Contact NBB to ask about current government securities subscriptions.
BBK
Bank of Bahrain and Kuwait
Visit BBK to ask about current government securities subscriptions.
BisB
Bahrain Islamic Bank
Contact BisB to ask about available government sukuk subscriptions.
ila
ila Bank
Buy through the app
Browse and place bids for eligible securities through the ila Bank app.
Al Salam
Al Salam Bank
Buy through the app
Contact Al Salam Bank about current government sukuk opportunities.
ONE
ONE App
Buy through the app
Explore Bahrain government sukuk available through the ONE App.
06 / Historical reference
What 2026 issues looked like
These dated examples show the scale, return and demand. They are not current quotes or available offers.
| Announced | Instrument | Size | Rate | Demand |
|---|---|---|---|---|
| 8 Apr 2026 | Al Salam sukuk 300 | BHD 50m | 5.31% | 225% |
| 28 Apr 2026 | Ijara / Murabaha sukuk | BHD 50m | 5.24% | 142% |
| 29 Apr 2026 | 182-day T-bill | BHD 35m | 5.29% | 100% |
| 30 Apr 2026 | Development Bond 45 | BHD 200m | 6.25% | 210% |
| 10 Jun 2026 | Development Bond 46 | BHD 150m | 6.70% | n/a |
Sources: CBB press releases from April 2026 and Bahrain Bourse on 10 June 2026. Demand compares bids received with the issue size.
Know the trade-offs
Government paper is not a savings account. Tenor, liquidity and fees matter.
Your allotment may be smaller
Popular issues can be oversubscribed, so you may receive less than you requested.
Selling early may result in a loss
If market rates rise, an existing listed bond can fall in price. Face value is due at maturity, not necessarily on an early sale.
Cash is committed
Short-term bills and sukuk are commonly held to maturity. Do not use cash you may need sooner.
Reinvestment rates can change
The next issue may offer a lower return when a short security matures.
Fees reduce the return
Minimum fees matter most on smaller subscriptions. Compare the net return after all charges.
There is one government issuer
Repayment depends on the Government of Bahrain meeting its obligations on time.
Quick glossary
- Face value
- The amount repaid at maturity.
- Yield
- The return expressed as an annual percentage, allowing different tenors to be compared.
- Coupon
- A bond's fixed annual interest rate, usually paid every six months.
- Allotment
- The amount you actually receive after the tender.
- Pro-rata
- Sharing an oversubscribed issue among bidders in proportion to their orders.
- Primary market
- Buying a security when it is first issued.
- Secondary market
- Trading an issued security with another investor, such as on Bahrain Bourse.
- Maturity
- The date the principal is due to be repaid.
Common questions
Can I buy directly from the CBB?
No. Individuals place orders through a participating bank, investment firm or licensed Bahrain Bourse broker.
Do I know the return before investing?
Bonds and sukuk have a rate announced before tender. A T-bill's exact price and return are determined through the auction.
Can I sell before maturity?
Some listed development bonds can be sold through a broker at the available market price. Short-term securities are generally intended to be held to maturity.
Which instruments are Shariah-compliant?
Al Salam, Ijara and Ijara / Murabaha sukuk are Shariah-compliant. Treasury bills and development bonds are conventional instruments.
Is a T-bill the same as a fixed deposit?
No. A T-bill is a government security sold through an auction. A deposit is a bank product. Compare tenure, net return, access to cash and fees.
What is the minimum investment amount?
Minimums are set by each participating bank or broker, not by the CBB. Ask your provider for the current minimum face value, lot size and any ticket fees before placing an order.
Are government securities guaranteed?
They are direct obligations of the Kingdom of Bahrain. Like any sovereign debt, your capital and return depend on the issuer's credit standing. They are not covered by the deposit insurance scheme that protects bank deposits.
How and when do I get paid?
T-bills pay at maturity — you buy at a discount and receive the full face value. Bonds and sukuk typically pay periodic coupons (often semi-annual) and the principal at maturity. Your bank credits the proceeds to your account.
What happens if I need my money before maturity?
For listed bonds and sukuk you may be able to sell through a broker at the prevailing market price, which may be above or below what you paid. Short-term bills and some private placements have no active secondary market, so early exit may not be possible.
Are returns taxed in Bahrain?
Bahrain currently levies no personal income tax on investment returns from government securities. Tax rules can change and your situation may differ if you are tax-resident elsewhere — confirm with a qualified advisor.
What is the difference between a primary and secondary market?
The primary market is where new securities are bought directly from the issuer through an auction or placement. The secondary market is where existing securities trade between investors, such as on Bahrain Bourse. Prices in the secondary market move with interest rates and demand.
How are auction results announced?
The CBB publishes auction results — including cut-off yields and accepted amounts — on its website shortly after each tender. Your bank or broker can also confirm whether your bid was accepted and at what price.
Can non-residents invest in Bahrain government securities?
Non-residents can generally participate through licensed Bahraini banks and brokers, subject to the provider's requirements and any account-opening checks. Confirm eligibility and documentation with your chosen provider before placing an order.
Do interest rate changes affect my security?
If you hold to maturity, a fixed-rate bond or bill pays what was agreed. But if you sell before maturity on the secondary market, the price will have moved with market rates — rates up means price down, and vice versa.
Data sources
Instrument and calendar facts use official publications. Standing facility rates are read from the CBB data already maintained on this site.