- Domiciles
- Bahrain
Domicile · Middle East
Bahrain.
Bahrain is the treasury jurisdiction of the Middle East region. IGUAKO Treasury (Bahrain) B.S.C. (c) was licensed in 2024 and operates from Seef Court in Manama with four people under Yusuf Rahimi-Bergström, Head of Treasury, Middle East. The entity manages the liquidity of the Dubai, Doha and Manama entities, settles their payments and places surplus balances. It covers no clients, originates no business and books no client portfolio.
- People in Manama
- 4
- Treasury balances managed
- US$48 million
- Gulf share of committed but undrawn facilities
- US$35 million
- Currencies settled
- 9
- Local entity
- IGUAKO Treasury (Bahrain) B.S.C. (c)
- Entity type
- Closed joint-stock company holding a financing company licence from the kingdom's central bank
- Role
- Regional treasury
- City
- Manama
- Currency
- Bahraini dinar (BHD), pegged to the US dollar
- Time zone
- Arabia Standard Time (UTC+3); no daylight saving
- Languages
- Arabic and English; treasury documentation is issued in English
- Region
- Middle East
Presence
Office at Seef Court, Manama, opened in 2024. Four people run the Middle East treasury under Yusuf Rahimi-Bergström, Head of Treasury, Middle East.
Why this domicile
- Bahrain has the longest-established treasury and financing regime in the Gulf, with a licensing category built for group treasury companies.
- The dinar peg to the US dollar and the free movement of funds allow the regional treasury to hold dollar liquidity without conversion cost.
- Manama sits one flight hour from Dubai and Doha and in the same time zone as Doha, so the three Gulf offices settle on one cycle.
- A single regulator for banking, financing and insurance simplifies the reporting of a treasury entity that touches all three.
Treasury balances managed from Manama stood at US$48 million at 30 June 2026, held in dinars, dirhams, riyals and US dollars with five approved placement counterparties. The office also administers US$35 million of the group's US$215 million of committed but undrawn facilities, the Gulf share, and reports utilisation to Aurelio Marchbanks-Tan, Chief Financial Officer, each month. Limits are set by the Risk & Valuation Committee and monitored daily from George Town.
Intra-group funding for the Dubai and Doha entities passes through IGUAKO Gulf Funding Ltd., a Bahrain vehicle that lends only within the group and takes no external funds. Settlement runs in nine currencies through the correspondent network, and the takaful-compatible cover for Gulf exposures is placed through Muharraq Reinsurance Company from this office. Programme Latitude assigns 2029 to the Gulf, when Manama adds a funding desk to support the Dubai booking capacity.
Services booked here
- Liquidity management for the three Gulf entities under the Liquidity and Funding policy
- Placement of surplus balances with approved counterparties within limits set by the Risk & Valuation Committee
- Settlement and payment operations for the Dubai and Doha offices in nine currencies
- Administration of the Gulf share of the group's committed but undrawn facilities
- Intra-group funding of the Dubai and Doha entities through IGUAKO Gulf Funding Ltd.
Local entities
The register.
| Entity | Purpose |
|---|---|
| IGUAKO Treasury (Bahrain) B.S.C. (c) | Licensed treasury and financing company; regional treasury for the Middle East |
| IGUAKO Gulf Funding Ltd. | Intra-group lender to the Dubai and Doha entities; takes no external funds |
Regulatory approach
IGUAKO Treasury (Bahrain) B.S.C. (c) holds a financing company licence from the kingdom's central bank, which supervises all banking, financing and insurance activity in Bahrain. The licence permits the entity to manage liquidity, place funds and extend credit within the group; it does not permit deposit-taking from the public, client coverage or investment business, and the entity conducts none of them. The entity files monthly liquidity returns, quarterly prudential returns and an annual audited return, maintains capital at the level the licence category requires, and is inspected by the central bank on its cycle. IGUAKO Gulf Funding Ltd. is registered as an intra-group lender and files a simplified return. The Head of Treasury reports to the Chief Financial Officer for treasury matters and to the Head of Region, Middle East, for all else.
Regulatory notices
Six notices for Bahrain.
Each notice combines the group standard with the provisions that apply in this jurisdiction.