REQUEST FOR EXPRESSIONS OF INTEREST (CONSULTANT SERVICES)

INTERNATIONAL ISLAMIC FINANCIAL MARKET (IIFM) - ISLAMIC SYNDICATED FINANCING DOCUMENTATION PROJECT

GRANT FINANCING NO. ZZZ-2740

The International Islamic Financial Market (IIFM) has received grant financing from the Islamic Development Bank Institute (IsDBI) toward the cost of developing Islamic Syndicated Financing Documentation Standards and Market Guidelines and intends to apply part of the proceeds for consultant services.

The services include consultancy services of a legal firm to draft and develop a global “Syndicated Financing Documentation Standards and Market Guidelines”, that provides clarity, transparency and uniformity to the industry and are compatible with the rules and principles of Shari’ah (the Islamic Law). The project is expected to be implemented over a period of 12 months with the expected start date of assignment in January 2024.

The detailed Terms of Reference (TOR) for the assignment are attached to this Request For Expressions of Interest (REOI).

The IIFM now invites eligible international law firms (“Consultants”) to express their interest (EOI) in providing the services. Interested consultants must provide specific information which demonstrates that they are fully qualified to perform the services with expertise in Islamic Finance particularly in the Syndication Documentation. The consultant will also act as an external legal counsel and assist IIFM in the preparation and development of “Syndicated Financing Documentation Standards and Market Guidelines”. The shortlisting criteria are:

 

1. The Firm must have a dedicated department to handle documentation specific to Islamic finance and in this case have extensive experience of all Islamic syndication documentation and market practice experience.

 

2. The Law Firm who will be responsible for IIFM project will be partner of Islamic Department and the Associate must also have relevant Islamic documentation experience
    
3. Past Experience in drafting documentation based on English Law in English Language

 

4. The firm shall confirm its expertise of English law, since the governing law for different countries cannot be standardized hence the syndication documentation will be developed based on English law.

 

5. The law firms will be requested also to share information on the major syndication deals it has handled or worked on 

 

Note:  Proposals or EOI to be received from law firms will have details on the above requirements  

 

Note: Key Experts will not be evaluated at the shortlisting stage. Please do NOT submit any technical or financial proposal at this stage.

The attention of interested Consultants is drawn to Paragraphs, 1.23, and 1.24 of the Guidelines for Procurement of Consultant Services under Islamic Development Bank Project Financing (the “Procurement Guidelines”), setting forth IsDB’s policy on conflict of interest.

Consultants may associate with other firms to enhance their qualifications but should indicate clearly whether the association is in the form of a joint-venture and/or a sub-consultancy. In the case of a joint venture, all the partners in the joint venture shall be jointly and severally liable for the entire contract, if selected.

A consultant will be selected in accordance with Consultants’ Qualification Selection (CQS) method set out in the Procurement Guidelines.

Interested consultants may obtain further information at the email address below until the due date:

ijlal.alvi@iifm.net

Expressions of interest must be delivered in electronic form to the email address below by (31 October 2023) Bahrain Standard Time.

 

To: CEO’s Office

Attention: Mr. Ijlal Ahmed Alvi

Chief Executive Officer

International Islamic Financial Market (IIFM)

Office 72, 7th Floor, Zamil Tower

Government Avenue

P.O. Box 11454, Manama, Kingdom of Bahrain

Tel: +973 17500161

Email: ijlal.alvi@iifm.net

 

ToR is attached to the Notice