Developing Islamic Finance Framework Banking Sector Sierra Leone Gpn

2026-11-03

GENERAL PROCUREMENT NOTICECountry: Sierra LeoneProject Name: Developing Islamic Finance Framework for the Banking Sector in Sierra LeoneSector: Islamic Banking and Finance Mode of Financing: Islamic Finance Grant Financing No: SLE1034The 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 Capacity-building program to train CBS staff and other relevant stakeholders on the newly introduced regulations, instruments, and frameworks. On Site Visit: • Field Visit to central banks (proposed Morocco and Malaysia for 6 staff of (CBS) to get in hand experience of Islamic finance regulations. 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. Interested eligible firms and individuals who wish to be considered for the provision of consulting services for the above-mentioned project, or those requiring additional information, should contact the Beneficiary at the address below:CENTRAL BANK OF SIERRA LEONE Attention: Philip PbanguraEmail: pbangura@bsl.gov.sl

Sierra Leone

2026-05-01