REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTANT SERVICES – SELECTION OF FIRMS)

 

Country: Oman

Project Name: Islamic Finance Grant to the Development Bank (Oman) to Develop Islamic Finance Operation

Sector: Islamic Banking and Finance

Mode of Financing: Islamic Finance Grant

Financing No: OMN1032

 

The Islamic Development Bank Institute (IsDBI) has approved a grant for Development Bank (Oman) to establish a sustainable Islamic finance division, a move designed to catalyze the nation's socioeconomic progress. This strategic initiative will modernize the bank’s service model by upskilling its workforce, implementing rigorous regulatory and operational frameworks, and crafting long-term roadmaps to ensure the seamless delivery of Shariah-compliant financial products.  

The project's objective is to engage an advisory firm to evaluate three strategic components and deliver a comprehensive implementation roadmap for the most viable path. Specifically, the initiative seeks to assess the feasibility, market potential, and regulatory landscape for each delivery option before recommending a sustainable model backed by rigorous cost-benefit and risk analyses. Beyond strategy, the firm will be responsible for building the essential regulatory, governance, and technical infrastructure required for the chosen model, while simultaneously conducting capacity-building programs to equip management and staff with the specialized skills necessary for competitive, Shariah-compliant operations.

The project has three main components: first, a comprehensive evaluation of a full conversion into a standalone Islamic bank, which requires a deep dive into market sizing (TAM/SAM/SOM), rebranding risks, and the implementation of a Shariah-compliant Core Banking System alongside meeting stringent capital requirements. Second, the consultant will assess the establishment of an Islamic Banking Window, focusing on the regulatory ring-fencing of funds, modular IT integration, and the cost-efficiency of maintaining parallel operations. Finally, the third component explores a partnership model with a third-party provider, necessitating rigorous due diligence on potential fintech or banking partners, the development of API-driven digital integrations, and the creation of legal frameworks for revenue-sharing and data protocols.

The draft Terms of Reference (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 and Expertise: Key staff must hold advanced degrees (Master’s or PhD) in Finance, Economics, Islamic Jurisprudence (Fiqh al-Muamalat), or related fields. The firm should possess expert-level knowledge of AAOIFI and IFSB standards, Shariah governance, and the technical requirements for Islamic Core Banking Systems (CBS).
• Regulatory and Strategic Knowledge: Deep understanding of the Omani banking landscape, specifically the New Banking Law (Royal Decree 2/2025) and Central Bank of Oman (CBO) regulations. The consultant must demonstrate the ability to align financial transformations with national development goals, such as Oman Vision 2040 and SME development.
• Professional Certifications: Key team members should ideally hold recognized international benchmarks, such as the Certified Shari’a Adviser and Auditor (CSAA), Islamic Finance Qualification (IFQ), or Registered Islamic Financial Specialist (RIFS).
• Operational Standards: The firm must demonstrate bilingual proficiency (English and Arabic) for technical manual development and training, while ensuring complete ethical independence from the client’s existing auditors or conventional service providers.
• Firms must demonstrate experience in Fast-track feasibility studies within the GCC regulatory environment
• Bidders are required to submit a detailed work plan specifically demonstrating their capability to mobilize resources rapidly to meet this accelerated 4-month schedule without compromising the depth of the feasibility analysis
• Firms must confirm their ability to align project deliverables with the Central Bank of Oman (CBO) regulatory framework within the specified 5-month window."
• The firm must demonstrate a proven track record of delivering high-impact strategic feasibility studies within constrained timelines (under 5 months) for similar development or commercial banking institutions
• All reports, feasibility studies, and data generated by the consultant are the sole property of Development Bank.

(a) The Consultant should demonstrate at least ten to fifteen (10–15) years of institutional experience in Islamic financial advisory, specifically regarding bank conversions, the establishment of Islamic windows, or developmental lending instruments (e.g., Murabaha, Ijarah, Musharaka, and Sukuk).

(b) Proven record of successful similar assignments (at least two transformations in the past decade) for the benefit of commercial banks, development financial institutions (DFIs), or multilateral development banks (MDBs), particularly within the GCC region.

(c) The firm should demonstrate the technical and managerial capacity to execute the assignment, including a project team featuring a Lead Strategy Advisor with 15+ years of experience and specialized experts in Shariah governance, product development, and IT infrastructure.

(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 Part 01, Chapter 01, Paragraphs 1.12.1 and 1.12.2 of the Guidelines for Procurement of Consultancy Services under Islamic Development Bank Project Financing, April 2019, revised in February 2023 (the “Procurement Guidelines”), setting forth IsDB’s policy on conflict of interest, available at https://www.isdb.org/project-procurement/documents.   

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 Fixed Budget Selection (FBS) 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 9 March 2026.

 

THE ISLAMIC DEVELOPMENT BANK INSTITUTE

Attention:       The Islamic Development Bank Institute

Email:             cp.isdbi@isdb.org