REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTANT SERVICES – SELECTION OF FIRMS)

 

Country: Saudi Arabia

Project Name: Islamic Finance Grant for the Development of Islamic Capital Market Products

Sector: Islamic Finance Capital Market Products

Mode of Financing: Islamic Finance Grant

Financing No: ZZZ2786

 

The Islamic Development Bank Institute (IsDBI) has approved a grant to formulate a comprehensive Study on the Regulatory, Legal and Economic Frameworks for the Islamic Capital Market a Designated IsDB Member Country (MC).

The project has the following deliverables:

• Assessing the regulatory, legal and economic frameworks for developing the Islamic Capital Market in a designated IsDB MC.
• Conducting a diagnostic assessment of a Capital Market Authority in a designated IsDB MC operational processes to ensure consistency in implementing the Islamic Capital Market framework.
• Review and adapt similar existing Islamic Capital Market facilities and propose an Islamic Capital Market structure.
• Design and submit operational and implementation guidelines for the development of the Islamic Capital Market.
• Design and submit for approval the relevant policies and procedures to guide a Capital Market Authority in a designated IsDB MC staff/management/board in the appraisal and approval of Islamic Capital Market products/regulations.
• Design and submit templates for approval, reporting and project audit requirements.
• Benchmark the final document with similar templates in other relevant institutions, regionally and globally.

The draft TOR for the assignment is attached to Annex-1.

IsDBI now invites eligible consulting firms (“Consultants”) to indicate their interest in providing the listed services in the draft TOR. Interested Consultants must provide specific information that demonstrates that they are fully qualified to perform the services (availability of appropriate experience and skillful staff confirmed by brochures, description of similar assignments in analogous conditions, etc.) including expertise in developing similar training packages as well as working experience with Central Banks and other related regulatory institutions.

The shortlisting criteria / sub-criteria are:

• Qualifications: Advanced degree in Islamic Capital Markets and Finance, Shariah-compliant finance, or related field for the key staff of consulting firm.
• The consultant should have In-depth knowledge of Islamic Capital Market principles, products, structures, and regulations.
• Strong knowledge of Sharia compliance in capital markets regulations and financial institutions. Significant managerial experience in Islamic Capital market or related senior financial markets expertise
• Ability to analyze regulatory frameworks and economic conditions to identify opportunities and challenges for implementing Islamic finance in capital markets
• Previous and proved experience in providing consulting or advisory services in Islamic finance, particularly in capital markets.

 

(a) The Consultant should demonstrate having experience in providing similar assignments in terms of developing structures for Islamic Capital Market Products, training and capacity building programs on the mentioned topics in the TOR for at least ten (10) years as it relates to Islamic capital markets.

(b) Proven record of successful similar assignments (at least 3 in the past 5 years) for the benefit of a country’s capital markets authority, central bank, ministries, or related Government bodies.

(c) The firm should demonstrate technical and managerial capabilities to successfully execute the assignment through a brief presentation of the firm’s management structure and number of permanent staff.

 

(d) The firm should demonstrate capabilities and experience in delivering the expectations outlined in the draft TOR in Annex 1.

 

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: https://www.isdb.org/project-procurement/sites/pproc/files/documents/PPR%20Guidelines-Consultants-ENG.pdf   

 

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 the Quality & Cost Based Selection (QCBS) method as set out in the Procurement Guidelines.

 

Interested consultants may obtain further information at the address below during office hours; 8:30 to 16:30 hours Jeddah Local Time.

 

Expressions of interest must be delivered in a written form to the address below (in person, or by mail, or by e-mail) by the date of 22 December 2024.

 

 

THE ISLAMIC DEVELOPMENT BANK INSTITUTE

Attention: The Islamic Development Bank Institute

Address: 8111 King Khalid Street, Al Nuzlah Al Yamania District, Unit no. 1 Jeddah 22332-2444, Kingdom of Saudi Arabia 

Email: isdbinstitute@isdb.org and info@isdbinstitute.org