REQUEST FOR PROPOSAL (RFP) FOR SELECTION OF A CONSULTANT

‘cONSULTANCY service To Assist IN Developing Legal AND REGULATORYFramework FOR

TAKAFUL in AFGHANISTAN

  1. OBJECTIVE

The objective of the request for proposal to select a Consultant who has the appropriate professional expertise available and who would be able to assist in:(i) setting-up legal and regulatory framework to enable introduction and regulation in Afghanistan; and, (ii) the selected consultant also is required to provide technical capacity building program in legal and regulatory framework of Takaful for AIA staffs.

  1. SCOPE OF WORK

Given the above, the scope of the consultancy service shall be as follows:

  1. Review the existing legal framework for insurance market in Afghanistan(comprising existing insurance laws and other related laws) in order to:
  2. Draft a new Takaful law required to permit and enhance establishment of Islamic Takafulprovider/ business in Afghanistan; and
  3. Draft modifications in other related laws required for efficient operations of Islamic Takafulmarket in Afghanistan.
  4. Review the existing regulatory framework for conventional insurancemarket (comprising prudential regulations, guidelines, circulars, procedure, etc) and prepare required modifications to enable effective regulation of Takaful Market in Afghanistan.
  5. To the extent required, incorporate the guidelines, standards and principles published by Islamic Financial Services Board, Malaysia (IFSB) and Accounting & Auditing Organization of Islamic Financial Institutions (AAOIFI) in legal, regulatory, supervisory and Sharia framework to identify the most appropriate standards and Takaful model relevant to Afghanistan.
  6. Conduct a workshop and on job Training for AIA staff in order to provide hands-on training on Takaful aimed at developing internal capacity within AIA concerning regulation and supervision relating to Takaful business.
  7. Work closely with AIA, the Intergovernmental Working Group, and any other regulatory body in order to achieve the scope of work.

f. Translation of Takaful law and regulations from English to Persian and vice versa.

g. the consultant company will be responsible for the overall project implementation and execution.

h. Afghanistan insurance Authority (AIA), will be responsible for the monitoring and evaluation of the

Project.

  1. SELECTION CRITERIA

The selection of the consultant will be based on the technical proposal and financial proposal as per Afghanistan’s Government and IDB Policies and Procedures. All proposals should be well structured and at a minimum must address the following key areas in the context of your firm:

  1. Experience, capability and credibility with regards to advising on legal/legislative and regulationaspects of Takaful.
  2. Understanding of relevant international best practices, expert level knowledge of the principles of Islamic finance and the specific requirements for Sharia compliance, from the perspective of building the enabling environment for Takaful in Afghanistan.
  3. Track record of the proposed team members and a commitment to their availability for the term of the consultancy service.
  4. Ability to demonstrate communication skill in Persian language, both written and verbal, will be added advantage.
  5. Ability to travel to Afghanistan, as frequently as needed, or stay in Afghanistan for the period of the assignment.
  1. PROPOSAL

The proposal should be formulated into two separate sections: Section A – Team, Experience and Work Plan, and Section B – Remuneration and budget. Section A should elucidate your clear understanding with thescope of workand should take into consideration the selection criteria as mentioned above, and include inter alia the following:

  1. Presentation of your transaction team including names of Takaful/Islamic finance experts/lawyers expected to work on the assignment, their curricula vitae, and a general description of the role of each of the experts proposed.
  2. A work plan with key milestones

It is to be noted that AIA is interested in receiving very cost-effective proposals. Section B of the proposal should include your fee and its corresponding schedule based on reasonable cost assumptions wherever possible.

  1. REPORTS& DELIVERABLES

The Consultant will be required to submit regular progress reports to Afghanistan Insurance Authority AIA based on a mutual agreed format and time-line. The final deliverables shall comprise the following:

  1. Drafting of the new law on Takaful required to permit the establishment of Takaful market/ operators inAfghanistan.
  2. Drafting of modifications in other related laws required for efficient operations of Takaful market/operator in Afghanistan.
  3. Drafting of modifications in the existing regulatory framework for insurance institutions in order to effectively regulateTakaful operator/business in Afghanistan.
  4. Conducting capacity building program related to drafting regulatory framework, supervision and relevant issue of Takaful for AIA staffs, Aimed at developing internal capacity within AIA concerning regulation relating to Takaful.
  1. NON-DISCLOSURE OF INFORMATION CONTAINED

The Consultant’s proposal shall clearly state that all information gathered in the course of fulfilling the terms of reference is strictly confidential and will not be released or otherwise used without the proper authorization of AIA. In this context, a separate Non-Disclosure Agreement (NDA) may be signed at a later stage.

  1. DELIVERY OF PROPOSAL

The deadline for submitting proposals is 24 August 2017 to 15 September 2017.

Proposals should be emailed & couriered to the attention of:

Afghanistan Insurance Authority (AIA), Ministry of finance.

() or ()

AIA office number: 0093(0) 202106875

For any enquiries, please contact:

Mohammad Wais Hakimzada

General Manager of customer services

Afghanistan insurance authority (AIA)

E-mail:

Phone: 0093(0) 786205024

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