REQUEST FOR PROPOSAL

Training on Islamic Banking &

Finance – A Central Bank’s
Perspective
Table of Contents

1.0 INTRODUCTION ................................................................................................ 1

2.0 ELIGIBILITY TO TENDER .................................................................................... 1
3.0 TIME SCALE ..................................................................................................... 2
4.0 OBJECTIVES AND TERMS OF REFERENCE ............................................................. 2
4.1 ALL BIDDERS ................................................................................................ 3
4.2 SUCCESSFUL BIDDER ..................................................................................... 3
4.3 SERVICES PROVIDED BY CBS .......................................................................... 4
4.4 REQUIRED SKILLS AND EXPERIENCE ................................................................ 4
5.0 EVALUATIONS OF BIDS ..................................................................................... 5
5.1 STAGES OF EVALUATION .................................................................................... 5
6.0 RESPONSE TO TENDER ...................................................................................... 7
7.0 TERMS OF CONTRACT ........................................................................................ 8
8.0 RESPONSE INSTRUCTIONS ................................................................................ 9
9.0 OTHER INFORMATION ..................................................................................... 10
ANNEX (I) SUMMARY OF PROPOSED IMPLEMENTATION OF ISLAMIC BANKING & FINANCE IN
SEYCHELLES ............................................................................................................ 11
ANNEX (II) OVERVIEW ON THE OBJECTIVE OF CBS AND FUNCTIONS OF RELEVANT
DIVISIONS .............................................................................................................. 13
ANNEX (III) FINANCIAL FORM ................................................................................... 16
ANNEX (IV) INTENT TO BID FORM .............................................................................. 17
1.0 INTRODUCTION

1.1 Firms and individuals are invited to tender for the provision of
consultancy services to assist the Central Bank of Seychelles (CBS) with
the provision of training sessions on the regulation and supervision of,
as well as providing support services to Islamic banking and finance
institutions, as detailed within this Request for Proposal (RFP).
1.2 This document’s copyright is vested with the CBS. Any reproduction or
dissemination shall be carried out on a strict “need to know” basis and
for the purposes of giving effect to its contents.
1.3 The objectives and terms of reference of the project are detailed in
Section 4.0 of this RFP.
1.4 The intention of CBS is to obtain the deliverables stipulated in Section
4.0 of this RFP.
1.5 Information about the CBS is available on its website at www.cbs.sc

2.0 ELIGIBILITY TO TENDER

Firms and individuals wishing to Tender shall ensure that they satisfy the following
criteria where applicable:
(a) Have the legal capacity to enter into a contract;
(b) Are solvent;
(c) Not in receivership;
(d) Not bankrupt or wound up;
(e) Firms and individuals are independent from CBS;
(f) Affairs are not administered by a court or judicial officer;
(g) Business activities are not suspended;
(h) Do not have a conflict of interest in relation to the Tender;
(i) Are not the subject of legal proceedings;
(j) Fulfilled obligations to pay taxes;
(k) Have not, or any of its directors or officers have not been convicted of a
criminal offence related to professional misconduct or making of false
statements or misrepresentations as to their qualifications to enter into
contract with any party within a period of three years preceding the
release of this RFP.

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3.0 TIME SCALE

A full response to this RFP is required by or before 3.00 p.m. Seychelles time
on Thursday 13th June, 2019. The following timescales are anticipated:

Milestone Date
Release of RFP April 03, 2019
Submission of Intent to Bid April 15, 2019
Pre-proposal conference call April 23, 2019
Deadline for questions April 30, 2019
Release of answers to questions May 15, 2019
Deadline for proposals June 13, 2019, by
3.00 p.m.
Opening of Technical Bids (immediately after deadline for June 13, 2019
submission of proposals)
Decision made and respondents informed of the July 29, 2019
outcome
Contract signed August 19, 2019

The response to the RFP shall detail how the Firm or individual will commit to the
timetable.

4.0 OBJECTIVES AND TERMS OF REFERENCE

Further to the summary of proposed implementation of Islamic banking and

finance in the Seychelles provided in Annex I, the objective of the consultancy is
to assist in enhancing the knowledge and understanding of CBS staff on Islamic
banking and finance. This will in effect enhance their capacity to effectively
regulate and supervise the activities of Islamic banks as well as provide support
services1 to Islamic banks. Accordingly, the consultant shall also assist CBS’ staff
in relevant divisions outlined in Annex II to better understand and analyse the
changes required to existing policies and procedures so as to allow for the
operation of Islamic banks locally. Given the increasing degree of sophistication

1
Support services in relation to banking services and access to financial market
operations amongst others.

2
of Islamic financial products, staff should be well-versed and cognisant of the
various operational aspects and associated risks such that same are adequately
managed.

As such, CBS intends to undertake capacity building sessions for its staff2 as well
as have a comprehension of the various supervisory tools which needs to be in
place to allow for effective risk-based supervision. These will cover introductory
training on Islamic banking and finance, licensing procedures, risk management
guidelines, on-site examination procedures, off-site surveillance procedures,
treatment of Islamic deposits’ special reserves, implications on current financial
market infrastructure operation as well as domestic and foreign banking
operations. In addition, the training shall also cover monetary policy
implementation for both conventional and Islamic banks, implications on the
interbank money market operations, the required accounting and financial
reporting methods to be used in the event CBS issues Islamic financial
instruments, structuring of government securities, format for statutory and
financial reporting to CBS, AML/CFT compliance and consumer protection
measures and any other relevant supervisory tools.

4.1 ALL BIDDERS

Should provide all information as detailed out in Section 6.0.

4.2 SUCCESSFUL BIDDER

The work of the Firm or individual is divided into two sections as follows:

Deliverables Deadlines
Undertake a training-needs assessment and design a training August 29, 2019
program for CBS staff on the regulation, supervision and also
how CBS can support Islamic banking institutions
Deliver at least 6 effective workshops/seminars for relevant September 20,
staff within the Banking Services, Financial Surveillance, 2019
Research and Statistics, Financial Markets, Internal Audit and

2
See Annex II for summary of roles of the relevant divisions

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 Financial Inclusion & Market Conduct Divisions as well as Legal
and Risk Management Unit of CBS

4.3 SERVICES PROVIDED BY CBS

The services that CBS will, upon being provided with sufficient notice, provide to
assist with the consultancy, include:
(i) Transportation to and from the airport and place of residence, and
for work-related purposes;
(ii) Meeting/Training rooms;
(iii) Administrative arrangements for meetings; and
(iv) Access to internet at CBS’ premises.

4.4 REQUIRED SKILLS AND EXPERIENCE

This assignment is expected to be undertaken by a firm or individual consultant

with the requisite academic qualifications, expertise and experience, specifically:
(i) Minimum qualification - Masters in Islamic banking and finance or
equivalent Islamic finance qualification;
(ii) A minimum of 10 years of experience in senior regulatory role
involving Islamic banking;
(iii) Extensive knowledge and practical experience in Islamic banking &
finance;
(iv) Private sector experience in providing trainings and consultancy
services in regards to Islamic banking and finance, especially in cases
where Central Banks introduced Islamic banking in conventional
banking systems, would be an advantage;
(v) Experience with small economies will be an advantage;
(vi) Fluency in English, both written and spoken.

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5.0 EVALUATIONS OF BIDS

Evaluation of bids received will be done in the following stages:

1. Preliminary;
2. Technical; and
3. Financial Evaluation.

Only bids passing the preliminary examination shall be considered for Technical
Evaluation. The Technical Evaluation shall be conducted without reference to
financial information. Subsequently only bids passing the Technical Evaluation
shall be considered for Financial Evaluation.

A total of 100 scored points shall be awarded of which a weighted 70% of the
overall score is assigned to the technical proposal and the other 30% for the
financial proposal. The weighted technical and financial scores shall be added
together, to give a total score for each proposal.

The proposal with the highest total score shall be the best evaluated bid and shall
be recommended for award of contract, subject to any further negotiation
required.

5.1 STAGES OF EVALUATION

(i) PRELIMINARY EXAMIATION
To pass preliminary examination, bids must:
(a) be correctly submitted as per requirements of this RFP;
(b) be properly signed;
(c) meet the eligibility criteria specified in the RFP (Section 2.0); and
(d) be substantially responsive to the RFP.
Note that no score shall be awarded during this stage.

(ii) TECHNICAL EVALUATION

The criteria that will be considered for the technical evaluation along with the
weighting are as follows:

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 Technical Evaluation Criteria Weights
Project plan and Methodology – detailed project plan and clear
description of the methodologies which will be used to achieve the 40%
desired outcome based on international best practices within the
timeframe set in section 3.0 and as per deliverables under Section
4.0.
Ability to demonstrate that the Firm or individual has the resources 20%
to perform this exercise.
Ability to demonstrate that the key personnel has the knowledge and 40%
experience in undertaking similar assignments for banking
institutions and/or other institutions of a similar nature and
regulatory institutions, with CVs /relevant references submitted.

(iii) FINANCIAL EVALUATION

Only bids passing the Technical Evaluation with a score of 75% and above shall
be considered for Financial Evaluation.

The criteria that will be considered for the Financial Evaluation, along with the
weighting are as follows:

Financial Evaluation Criteria Weights

The proposed cost for the project is competitive. 75%
Detailed breakdown (professional fees, foreign exchange component, 5%
travel expenses and out of pocket allowance etc.)
Pricing should be based on a fixed price contract (should be clearly 5%
indicated in the proposal).
Any additional charges e.g. applicable taxes must be stated. 5%
Pricing is to be valid for three months (should be clearly indicated in 5%
the proposal).
Proposed payment schedule and payment terms must be clearly 5%
stated.

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6.0 RESPONSE TO TENDER

6.1 The response to this RFP must be in the English language, structured
and presented in the following sequence:
6.2 Technical
(a) Section I: Cover Letter
The cover letter must be signed by a person or persons authorised to
submit the information on behalf of the Firm and should contain the
following:
 A confirmation that the Firm or individual intends to bid to provide
consultancy services to CBS for the provision of training sessions on
the regulation and supervision of, as well as providing support
services to Islamic banking and finance institutions.
 A declaration which delineates the ability of the Firm or individual to
fulfil the exercise.
 A statement which states the Firm’s or individual’s independence
from CBS.
 A pledge by the Firm or individual not to engage in any corrupt,
fraudulent, collusive or coercive practices.
 A statement attesting to the fact that the Firm or individual is not
debarred from participating in the procurement proceedings, and a
declaration that the Firm or individual shall not give, confer, procure,
or promise or offer to give or confer, or to procure or attempt to
procure, directly or indirectly anything of value to an employee of
CBS, to influence his or her action in a procurement process or in the
execution of a contract.
 Details of the designated person, if different from the authorised
person who have signed the cover letter, who may represent the
bidder in the bid opening process.

(b) Section II: Response to Statement of Work

The Response to the Statement of Work should describe the
methodologies that will be employed and the approaches that will be
taken to complete the work and include a project plan which shows

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 the phasing of the work to be accomplished and products to be
delivered in accordance with the deliverables under Section 4.2 and
in line with the set timeframes under Section 4.2.

(c) Section III: Attachments

This section should contain supporting documentation referenced in
any other sections of the proposal. At a minimum, attachments will
include:
 the resumes of the team members and outsourced personnel,
including subject matter experts proposed for the work;
 a description of similar work performed for other organisations;
 a glossary of the specialised terminology used in the proposal;
 the names of at least three references for whom similar projects
have been conducted and who can be contacted by the CBS (Firm
name, address, telephone number and point of contact
information are required).

6.3 Pricing
Tenderers are requested to submit their financial proposal in Seychelles
Rupees as per Annex (III). Pricing information should not appear in any
other section of the proposal and must be submitted in a different
envelope which should be sealed. Pricing is to be valid for three months.

7.0 TERMS OF CONTRACT

7.1 Advance payment, where applicable, shall not exceed 25% of the total
consideration payable under the contract.
7.2 Final payment shall only be made once all the deliverable requirements
stipulated in the contract have been satisfied.
7.3 Detailed contract for formal agreement, based on standard terms and
conditions submitted, will be issued following the award of contract.
7.4 All invoices should be raised in Seychelles Rupees and payment in
foreign currency will be based on mid/reference exchange rate of that
day of the payment calculated by CBS

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8.0 RESPONSE INSTRUCTIONS

8.1 Tenderers shall submit the Intent to Bid form as per Annex (IV), by
3.00 p.m. Seychelles time on Monday 15th April, 2019 in line with
Section 3.0.
8.2 The full RFP response must be structured as detailed in Section 6.0.
Chapters should adopt the numbering sequence shown. Bids shall be
placed in two separately sealed envelopes and labelled technical and
financial proposals respectively, indicating the contact details of the
Tenderer on these envelopes. The envelopes containing the technical
and financial bids should be placed in an outer envelope, with no
indication of the Tenderer’s identity, sealed and marked with “TENDER
FOR TRAINING ON ISLAMIC BANKING & FINANCE – A CENTRAL
BANK’S PERSPECTIVE” and addressed to:

The Chairperson
Procurement Committee
Central Bank of Seychelles
P.O. Box 701, Independence Avenue
Victoria
Mahé
Seychelles

Besides submitting by post, the Tender envelope may otherwise be

deposited at the reception of the CBS. The Tender documents should
also be available in electronic format either on USB drive or CD. In the
case of electronic submission, technical and financial bids should be on
a different USB drive or CDs. These should be sealed inside the
respective envelopes.

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 8.3 Enquiries regarding this RFP and the project may be directed to the
point of contact below:

Mr. Naadir Hassan

Head of Financial Surveillance Division
Central Bank of Seychelles
P.O. Box 701, Independence Avenue
Victoria
Mahé
Seychelles
Telephone: +248 4282080
Email: naadir.hassan@cbs.sc
Cc Email: aaron.leong-pon@cbs.sc

8.4 An acknowledgement of receipt of Tender will be sent to each Tenderer.

8.5 Tender documents, whether mailed or hand-delivered, must reach the
CBS no later than 3.00 p.m. Seychelles time on Thursday 13th June,
2019 in line with Section 3.0.
8.6 Tenders submitted in facsimile form or by email will not be accepted.
8.7 For clarification purposes, questions will be entertained and will be
addressed as per the timescales in Section 3.0.
8.8 All Tenderers will be informed of the outcome of their bids as per Section
3.0.
8.9 The Tenderer shall bear all costs associated with the preparation and
submission of its bid and the CBS will in no case be responsible or liable
for those costs, regardless of the conduct or outcome of the bidding
process.
8.10 The CBS may reject any or all bids any time prior to the award of contract.

9.0 OTHER INFORMATION

The CBS’ procurement activities are governed by its Procurement Policy. An

abridged version is accessible at: http://www.cbs.sc/Procurement/ProcurementPolicy.html
where more information can be obtained on the procurement process. This
includes procedures for withdrawal/modification of bid submission, bid evaluation,
complaints handling, contract award, etc…

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 ANNEX (I) SUMMARY OF PROPOSED IMPLEMENTATION OF
ISLAMIC BANKING & FINANCE IN SEYCHELLES

In November 2014, the Cabinet of Ministers approved the Financial Sector

Development Implementation Plan (FSDIP) for Seychelles. The FSDIP is a key
element in the strategies planned by the Government of Seychelles to ensure that
the financial sector maximises its contribution to the economic and social
development of Seychelles. One of the new activities that have been proposed is
Islamic banking and finance.

In this regard, the Government commissioned a feasibility study to explore the

viability of introducing Islamic Banking and Finance in Seychelles which was
completed in 2015. The feasibility study concluded that the introduction of Islamic
finance will result in positive direct and indirect benefits to the economy of
Seychelles. As such, the CBS together with the Financial Services Authority 3(FSA)
enlisted a consultant to formulate a policy and strategy on Islamic Banking and
Finance which was completed in 2016. Said document was endorsed by the
Cabinet of Ministers in December 2018.

The main recommendations that came out from the policy and strategy
formulation are:
(1) Instatement of a National Islamic Finance Task Force
(2) Issuing Islamic Treasury Bills
(3) Setting up Islamic Funds
(4) Issuing and ensuring legal certainty about the status of Sukuk
(5) Introducing Arabic language facility for IBCs
(6) Acquiring Islamic finance global memberships
(7) Exploring synergies with Al Salam Bank Seychelles Limited currently
in operation domestically

3
The Seychelles Financial Services Authority is the regulator for non-bank financial
services in the Seychelles. Established under the Financial Services Authority Act, 2013,
the Authority is responsible for the licensing, supervision and development of the non-
bank financial services industry of the Seychelles. The Authority is also responsible for the
registration of International Business Companies, Foundations, Limited Partnerships and
International Trusts in the Seychelles. For more information, visit
https://www.fsaseychelles.sc/

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 (8) Developing a public relations and communication strategy aimed at
establishing the name of Seychelles as an emerging Islamic finance
centre.
(9) Ensuring an enabling regulatory framework for Islamic finance
(10) Developing an Islamic supervisory framework
(11) Ensuring equal tax treatments
(12) Developing guidance notes on the Shariah governance and
compliance requirements
(13) Putting in place a capacity building and sensitisation program
(14) Assessing the robustness of the existing offshore infrastructure.

To this end, CBS4 looks to initiate capacity building sessions for its staff in view
that it is currently working on developing a comprehensive framework for the
regulation and supervision of Islamic banking and finance. These will cover basic
introductory training on Islamic banking and finance, products and services
offered and how they differ from their conventional banking counterparts,
licensing procedures, risk management guidelines, on-site examination
procedures, off-site surveillance procedures, treatment of Islamic deposits’ special
reserves, the required accounting and financial reporting method to be used in the
event that the CBS issues Islamic Finance instruments, consumer protection
aspects as well as format for reporting to CBS and any other relevant supervisory
tools.

4
For a full list of licensed institutions supervised by CBS, visit http://www.cbs.sc/ under
the ‘Financial System’ tab. It should be noted that as of date of release of this RFP, no
financial leasing institution has been licensed by CBS.

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 ANNEX (II) OVERVIEW ON THE OBJECTIVE OF CBS AND
FUNCTIONS OF RELEVANT DIVISIONS

The CBS operates as an autonomous institution and is currently the regulator of

all licensed banks, bureaux de change, financial leasing companies5, non-deposit
taking financial institutions, payment service providers and financial market
infrastructures in the Seychelles. The main objectives of CBS is to promote price
stability and maintain a sound financial system. CBS, like any organisation is made
up of several divisions each with its core functions. In relevance to this RFP, the
functions of the below listed divisions are highlighted:

(i) Financial Surveillance Division

The primary objective for the Financial Surveillance Division (FSD) is to maintain
stability within the financial sector by ensuring effective supervision of supervised
entities at a micro and macro level. The aim at a micro-prudential level is to
promote the safety and soundness of supervised entities by conducting effective
offsite monitoring and onsite examinations as well as ensuring an effective
licencing process. Moreover, the division aims to promote financial stability at a
macro-prudential level by ensuring sound, robust and efficient payment systems
as well as reviewing the trends over time within the financial sector and the inter
play within the fiscal and real sector and their impact thereafter.

(ii) Banking Services Division

The Banking Services Division (BSD) exists in an operational capacity as banker
to and manager of accounts held with the Bank on behalf of; Government,
commercial banks, other local financial institutions, foreign Governmental
agencies and international agencies. BSD also has the responsibility of managing
the Bank's accounts and the financial statements under the International Financial
Reporting Standards (IFRS). In addition, BSD is responsible for the issuance and
management of currency. It also manages the sale, both locally and abroad of
numismatic items such as commemorative gold and silver coins.

5
As mentioned, as of date of release of this RFP no financial leasing institution has been
licensed by CBS.

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 (iii) Financial Markets Division
The Financial Markets Division (FMD) is responsible for the implementation of CBS’
monetary policy, the management of the country’s international reserves as well
as the issuance and management of government securities on behalf of the
government. It has as its aim the development of the financial markets so as to
ensure well-functioning and efficient money and foreign exchange markets.

(iv) Research and Statistics Division

The main responsibility of the Research and Statistics Division is to support the
Bank in achieving its primary objective of promoting domestic price stability. The
Division also acts as advisor on monetary and external sector policies.

These functions are implemented within a well-coordinated structure that provides

for monitoring and review, underpinned by strong statistical support. To that end,
the Division is divided into two sections. The Policy and Research Section has the
role of policy formulation and carries out economic research and analysis, whilst
the Statistics Section offers its support through the compilation and dissemination
of statistics.

(V) Financial Inclusion and Market Conduct Division

The primary role of the Financial Inclusion and Market Conduct Division (FIMCD)
is to develop and implement strategies for enhancing financial inclusion, market
conduct and consumer protection in Seychelles. This is part of the Central Bank’s
objectives to maintain a sound financial system and to promote economic growth
while maintaining financial stability. The division has the responsibility to instigate
and administer relevant legislations, as well as devise and implement strategies
for the modernisation of financial services including the national payment system.

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 (VI) Legal Unit
The Legal Unit falls directly under the Governor’s office. The Unit is responsible for
providing assistance to all divisions of the Central Bank to ensure the Bank is
operating within the mandate prescribed in the legislation. The work conducted by
the Unit may be categorised generally as comprising of:

 Interpretation of the law;

 Amendment of the law;
 Serve as repository for legislation including all amendments, statutory
instruments as well as the agreements to which the Bank is party;
 Drafting/ scrutinising agreements; The Unit has provided assistance in the
amendment process by working with the different divisions and consultants
to give effect to the amendments.

For a detailed insight on the various divisions/units within CBS and their roles,
kindly consult the CBS website on www.cbs.sc

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 ANNEX (III) FINANCIAL FORM

Name of Bidder
Key staff involved
Ref : Key staff name Position / Profession Remuneration Involve Cost
rate (SCR) ment (SCR)
man hours (hours) (inclusive
of taxes)
1.1
1.2
1.3
1.4
1.5
1.6
SUB TOTAL FOR KEY STAFF REMUNERATION (SCR)
Other Cost
Ref : Item Item rate Qty. Cost
(SCR)
(inclusive
of taxes)
2.1 Detailed accommodation
2.2 Detailed subsistence allowance
2.3 Other travel and miscellaneous expenses
2.4 Other additional charges (please specify)
SUB TOTAL FOR ‘OTHER COSTS’ (SCR)
TOTAL COST (INCLUSIVE OF ALL TAXES) (SCR)
Payment Key staff name Position / Profession Remunerati Invol Cost (SR)
Schedule on rate veme
(SR) man nt
hours

Phases Item Milestone % Amount

(SCR)

___________
Authorised Signature ___________
_ Date
Date
Full name: ……………………………

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 ANNEX (IV) INTENT TO BID FORM

Mail To:
Mr. Naadir Hassan
Head of Financial Surveillance Division
Central Bank of Seychelles
P.O. Box 701, Independence Avenue,
Victoria
Mahé
Seychelles
Telephone: +248 4282080
Email: naadir.hassan@cbs.sc
copy: aaron.leong-pon@cbs.sc

Request for Proposal for Training on Islamic Banking & Finance – A

Central Bank’s Perspective
This letter serves as a notification that we will be responding to the stated Tender
for the development of supervisory framework and training on Islamic banking
and finance. The proposal that we shall submit shall be subject to the terms and
conditions set forth in the Tender documents. The following information identifies
our firm or individual contact details:

Firm or individual
Name:
Address:
Representative
Name:
Position:
Telephone
Number:
Fax Number:
Email Address:

Authorised Signature:

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