Developing Islamic Finance Framework for the Banking Sector in Sierra Leone - GPN

GENERAL PROCUREMENT NOTICE 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 Islamic Development Bank Institute has approved grant ID 183,824 (Islamic Dinar One Hundred and Eighty-Three Thousand Eight Hundred and Twenty-Four), approximately USD 250,000 (United States Dollar Two Hundred Fifty Thousand equivalent) financing for Central Bank of Sierra Leone to support the Central Bank of Sierra Leone in advancing the nation's Islamic finance landscape. This strategic funding is designed to bolster legal and governance frameworks, enhance the technical expertise of banking supervisors through international knowledge sharing, and introduce specialized liquidity management and Lender of Last Resort (LOLR) instruments. Ultimately, this initiative aims to integrate Islamic finance into Sierra Leone’s broader national development agenda, ensuring a more inclusive and resilient financial sector. The project has the following deliverables: Consultancy Services (Banking Legal Framework): • Conducting a comprehensive gap analysis of the existing regulatory framework of CBS. • Prepare documentation on the technical characteristics of Islamic products • Drafting regulatory framework for Islamic banks to cover all prudential standards from licensing to solvency, which will include, among others (capital adequacy, risk management, liquidity management, windows requirements, etc). • Preparing operational manuals covering supervisory Shariah board tasks, duties, and reporting mechanisms. • Prepare documentation on the technical characteristics of Islamic products • A mini roadmap/ Strategy for the development of Islamic Finance for Sierra Leone including social finance. • Reviewing the existing CBS liquidity facility to develop and propose a Shariah-compliant instrument Training and Capacity Building: • Implementing a Capa