Development of a Management Framework of the Islamic development Bank’s Special Funds and Trust Funds - Consulting Services

Saudi Arabia
Issue Date
Last date of submission

Request for Expressions of Interest


The Islamic Development Bank (IsDB) is a multilateral development bank, with Headquarters in Jeddah, Saudi Arabia. Established in 1974, IsDB has at present 57 members, mainly in Africa and Asia. IsDB is also active in non-member countries with large Muslim communities. IsDB has operating assets of more than USD 16 billion and subscribed capital of USD 70 billion, and is AAA-rated by Standard & Poor’s, Moody’s and Fitch based on its solid financial profile and the strong support of its shareholders. IsDB is member of the IsDB Group, which also includes the Islamic Corporation for the Development of the Private Sector, the Islamic Corporation for the Insurance of Investment and Export Credit, the International Islamic Trade Finance Corporation, of which IsDB is the major shareholder. The IsDB Group also includes the Islamic Research and Training Institute, which is affiliated to the Bank and funded by a special fund.

The overarching goal of IsDB is to help accelerate economic and social development and reduce poverty in its member countries, to foster cooperation among its members, and to promote Islamic finance worldwide. To fulfil its goal, IsDB is engaged in a wide range of activities directly linked to the 2030 Agenda for Sustainable Development set by the United Nations Development Programme. The Bank has also developed and enriched many financial instruments to help its members. These include policy dialogue, project financing and assistance programmes, and, through the IsDB Group entities, equity investments, guarantees, and trade financing.

IsDB operations are financed from the Bank’s ordinary capital resources, special fund resources, and trust fund resources as specified in the Bank’s Articles of Agreement, in particular the Articles 9,10, 11, 12, 13, 21, 22, and 23. Special funds are established by IsDB to provide aid and assistance programmes in member countries, as well as for Muslim communities in non-member countries. Special fund resources mainly include resources allocated by IsDB or accepted by the Bank for inclusion in any special fund. Special funds are administered in accordance with Rules and Regulations made by the Bank. The Bank may also accept the administration of trust funds. Trust funds accepted by IsDB are designed to serve the goal and come within the functions of the Bank. The ordinary capital resources, the special funds resources, and the trust fund resources of the Bank are held, used, committed, or invested entirely separate from each other. 

  • Context of the assignment

On January 1st, 2018, IsDB started the implementation of a new business model, with a new structural organisation, as part of the IsDB President’s Five-Year Programme, aiming at making IsDB more competitive and responsive to the needs of its members. A new Complex, the Partnerships Development Complex, was created to take the lead on IsDB engagement with key external partners, stakeholders and donors to effectively leverage additional financial resources and knowledge, and proactively provide financing solutions that add value to its members. 

To fulfil this objective, the Bank is designing a new financing partnership framework, which will be an integral part of IsDB’s operational planning and review processes. Under this framework, the Partnerships Development Complex is set to act as a single point of accountability within the Bank for ensuring proper business and financial management of the Bank’s special funds and trust funds, and for guaranteeing the consistency of the policies and operations of such funds with the mandate of the Bank.

In this context, IsDB is undertaking a review of the current management of special funds and trust funds, with the view to designing and implementing a framework for the establishment, administration and use of each special fund and trust fund. IsDB through the Unit of Crowd Engagement and External Funds Management (CEEFM) wishes therefore to recruit a consultant who will be tasked to develop such a framework and assist the Bank in its implementation.

  • Purpose of the assignment

The main purpose of the assignment is to mainstream special funds and trust funds administered by IsDB into the Bank’s strategies and business processes and to provide the Bank with a transparent and comprehensive framework for the establishment, administration and use of each special fund and trust fund. Policies and procedures that come under the new framework shall be consistent with the Bank’s mandate and in line with the best practices prevailing in international development and financial institutions.


The Services of the consultant shall consist of the following activities:

  • Assessment and evaluation of the current framework for the establishment, administration, and use of IsDB’s special funds and trust funds; 
  • Development of an operational framework for the establishment, administration, and management of IsDB’s special funds and trust funds, including operational policies, procedures and guidelines;
  • Development of an accountability and control framework of IsDB’s special funds and trust funds, including arrangements for the areas of supervision; management oversight; financial audit and control; risk management; procurement policies and procedures; preparation, implementation, monitoring and evaluation of programmes and projects; results accountability, and prevention of fraud and corruption; and
  • Advise and support for the development of IT-based system and solutions for standardizing, simplifying and automating key fund business processes and analytics.
  • Expression of Interest and Information

IsDB now invites eligible consultants to indicate their interest in providing the services described under section IV above (the Services). 

Interested consultants shall provide information demonstrating that they have the necessary qualification and experience to perform the aforesaid services. Expressions of interest should cover, but not limited to: experience relevant to the project activities, key staff resources and qualification, and corporate profile.

Consultants may form an association in the form of a Joint-Venture to enhance their qualifications. If the consultant is a Joint Venture, the Expression of Interest shall include a copy of the Joint Venture Agreement entered into by all members. Alternatively, a letter of intent to execute a Joint Venture Agreement in the event of a successful proposal shall be signed by all members and submitted with the Expression of Interest and a copy of the proposed Agreement.

  • Maximum shortlisted candidates

Among the submitted applications, IsDB will shortlist a maximum of 6 consultants, to whom the Request for Proposals with the terms of reference to carry out the Services shall be sent.

  • Eligibility criteria for the candidates

The eligibility criteria and the establishment of short list shall be in accordance with IsDB corporate policy and guidelines for use of consultant services. Interested consultants may obtain a copy of the policy and guidelines by sending an email at the address below.

The shortlisting criteria are

  • General experience; and 
  • Similar experience, i.e. Development of a management framework for special funds and/or trust funds of International development and financial institutions within the last five years.

Determination of the similarity of the experiences will be based on:

  • the size of contracts;
  • the nature of the services; and
  • the technical area and expertise.

For the evaluation of the applications the following items will also be considered:

  • Key staff resources and qualification and availability of in-house technical back-up experts provided to the on-site experts; 
  • Quality assurance procedures and certifications of the consultant.
  • Details for applications

Expressions of interest electronically or in printed materials must be delivered to the address below no later than 11 October 2018, 16:00 hours Saudi Arabia time with the mention “Development of a Management Framework of the Islamic Development Bank’s Special Funds and Trust Funds”.

Islamic Development Bank

Attn: Fawaz Abdulnour, Officer-in-Charge CEEFM

8111 King Khalid St.
Al Nuzlah Al Yamania Dist. Unit No. 1
Jeddah 22332-2444
Kingdom of Saudi Arabia

Telephone: (+966) 12 636 1400 (Ext.: 8905), Fax: (+966) 12 637 1334

E-mail: with Cc,