GENERAL PROCUREMENT NOTICE

Entity: Islamic Financial Services Board (IFSB)

Project Name: Islamic Finance Legal Framework Guidelines and Database Project

Sector: Islamic Banking and Finance

Mode of Financing: Islamic Finance Grant

Financing No: ZZZ2852

The Islamic Development Bank Institute has approved a grant ID 163,787 (Islamic Dinar One Hundred and Sixty-Three Thousand Seven Hundred and Eighty-Seven), approximately USD 222,750 (United States Dollar Two Hundred Twenty-Two Thousand Seven Hundred and Fifty equivalent) financing for Islamic Financial Services Board (IFSB) to establish a comprehensive global database and an interactive digital platform for Islamic finance legislations, providing centralized access to relevant legal texts, comparative legal analysis, and guidance to support harmonization efforts across jurisdictions. Additionally, the project aims to develop a principle-based legal framework that facilitates the adaptation of national laws and regulations to the specificities of Islamic finance, based on sound legal reasoning and best practices.

The project has a Consultancy Service for the following components:

Component 1 - Collation and Coding of Relevant Laws and Regulations: This initial phase serves as the foundation for a comprehensive review of national legal frameworks governing Islamic finance. It focuses on the systematic gathering and organization of data across diverse sectors, including central banking, Islamic banking, Islamic capital markets, and Islamic insurance laws, to ensure all relevant statutory adaptations are identified and categorized.

Component 2 - AI powered Database Digital Platform Development: This component transforms the outputs of the collation and coding phase into a sophisticated global digital platform. By centralizing Islamic finance regulations within an AI-driven framework, the platform serves as a premier reference for comparative analysis and international knowledge sharing.

Component 3 - Drafting and Reviewing of the Principle-Based Guidelines: This component creates the core output by leveraging rigorous legal analysis. It draws on the best international practices to formulate the framework’s guiding principles.

Procurement of contracts financed by the Islamic Development Bank will be conducted through the procedures specified under the Guidelines for the Procurement of Consultant Services under Islamic Development Bank Project Financing (April 2019, revised in February 2023) and is open to all eligible bidders as defined in the guidelines.

Requests for Expression of Interest for contracts for consultancy services will be announced as they become available on the IsDB Website and DG Market.

Eligible firms interested in providing consulting services for this project, or those seeking further details, should contact the Beneficiary at the address below:

ISLAMIC FINANCIAL SERVICES BOARD (IFSB)

Attention:       Islamic Financial Services Board (IFSB)

Email:             ifsb_procument@ifsb.org