Expression of Interest For Islamic Banking Advisory Services in Saudi Arabia

Work Detail

Expression of Interest for Islamic Banking Advisory Services Islamic Banking Advisory Services - Islamic Finance Grant to the Development Bank (Oman) to Develop Islamic Finance Operation 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 nations socioeconomic progress. This strategic initiative will modernize the banks 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 projects 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. Tender Link : https://www.isdb.org/project-procurement/tenders

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