A Makam (Israeli Treasury Bill) is a short-term loan backed by the Israeli government with a maturity of less than one year.

T-Bills are zero-coupon bonds issued at a discount on the face value. Rather than paying fixed interest payments like conventional bonds, the appreciation of the bond provides the return to the holder.

Israeli T-Bill holders are paid NIS 100 upon redemption. For example, an investor who purchased a 6-month T-Bill for 95 NIS and holds it until maturity will be paid 100 NIS upon redemption, hence a 5% yield in six months.

T-Bills are issued by the Bank of Israel in order to absorb monetary surpluses in the market and regulate the market's economic activity. The Bank of Israel uses Makams along with interest modification as a tool to stay within Israel's inflation target range.