REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTANT SERVICES – SELECTION OF FIRMS)

 

Country: Sierra Leone

Project Name: Developing Islamic Finance Framework for the Banking Sector in Sierra Leone

Sector: Islamic Banking and Finance

Mode of Financing: Islamic Finance Grant

Financing No: SLE1034

 

The Government of Sierra Leone has received financing from the Islamic Development Bank (IsDB) toward the cost of the Developing Islamic Finance Framework for the Banking Sector Project in Sierra Leone and intends to apply part of the proceeds for consulting services. 

Brief Description of the Assignment: The primary objective of this consultancy is to empower the Central Bank of Sierra Leone (CBSL) to diversify its financial landscape, lower the cost of capital, and break market concentrations by unlocking the potential of a sustainable, modern Islamic banking industry.

The selected Consulting Firm will support CBSL across two core components:

• Component A (Banking Legal & Regulatory Framework): Conducting a comprehensive gap analysis of existing CBSL laws, drafting a full suite of prudential standards (licensing, capital adequacy, risk management, window requirements, and reporting templates), preparing Shariah governance operational manuals, and developing technical documentation for Shariah-compliant banking products.
• Component B (Strategic Roadmap & Liquidity Instruments): Designing robust Shariah-compliant Lender of Last Resort (LOLR) and liquidity management tools, creating a national "Mini-Roadmap" integrating Islamic Social Finance (Zakat, Waqf, and Sadaqah), and facilitating international knowledge-transfer sessions for banking supervisors.

Implementation Period & Expected Start Date: The assignment is structured across 6 sequential phases spanning a total duration of 18 months.

• Expected Start Date: Q3 2026 (July 2026)
• Expected End Date: Q4 2027 (December 2027)

Estimated Level of Effort (Professional Staff-Months): The assignment requires a multidisciplinary team of highly specialized experts. The firm must ensure the availability of the following core key experts:

• Team Leader / Regulatory Specialist (KE1): Master's degree; 15+ years in financial regulation with a track record of leading national-level Islamic banking framework implementations.
• Islamic Finance Technical Expert (KE2): PhD/master’s in Islamic finance (or AAOIFI/IFSB certified); 10+ years in Shariah-compliant product structuring.
• Liquidity & Monetary Policy Expert (KE3): Master's degree; 10+ years in Central Banking operations, specifically in LOLR and interbank liquidity design.
• Shariah Governance & Social Finance Specialist (KE4): Expert in Fiqh al-Muamalat and Social Finance; 8+ years developing national governance frameworks.
• Legal & Drafting Specialist (Local/Regional) (KE5): Law degree with admission to the bar in a common law jurisdiction; 7+ years in legislative drafting within Sierra Leone or West Africa.

Shortlisting Criteria: The consulting firm must meet the following eligibility and qualification criteria to be shortlisted. The evaluation of expressions of interest is explained in the attached ToR.

The CBSL now invites eligible consulting firms (“Consultants”) to indicate their interest in providing the services. Interested Consultants must provide specific information which demonstrates that they are fully qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc.).

• The shortlisting criteria are: Proven experience in developing Islamic finance frameworks for central banks or national jurisdictions.
• Expertise in Shariah-compliant liquidity management and LOLR mechanisms.
• Experience working in emerging markets, preferably within the West African region.

Key Experts will not be evaluated at the shortlisting stage. The attention of interested Consultants is drawn to 1.12.1 and 1.12.2 paragraphs of the Procurement Policy of the Guidelines for the 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.

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 Consultant Qualifications Selection (CQS) method set out in the Procurement Guidelines.

 

Interested consultants may obtain further information at the address below during office hours; 9:00 to 17:00 hours Sierra Leone Local Time.

 

Expressions of interest must be delivered in a written form to the address below (in person, or by mail, or by fax, or by e-mail) by 30 June 2026.

 

Central Bank of Sierra Leone (CBSL)

Attention: Mr. Philip Bangura       

Address: Siaka Stevens Street, Main Bank Building

Tel: 2322226501

E-mail:  pbangura@bsl.gov.sl

Website:  www.bsl.gov.sl