Establishing an Islamic Window at the Maghreb Bank for Investment and Foreign Trade (BMICE) - GPN

GENERAL PROCUREMENT NOTICE TUNISIA Entity: The Maghreb Bank for Investment and Foreign Trade (BMICE) Project Name: Establishing an Islamic Window at the Maghreb Bank for Investment and Foreign Trade (BMICE) Sector: Islamic Banking and Finance Mode of Financing: Islamic Finance Grant Financing No: TUN1054 The Maghreb Bank for Investment and Foreign Trade (BMICE) has received grant financing in the amount of of ID 172,794 (Islamic Dinar One Hundred and Seventy-Two Thousand Seven Hundred and Ninety-Four), equivalent to USD 235,000 (United States Dollar Two Hundred Thirty-Five Thousand ), from the Islamic Development Bank Institute toward the cost of the project Establishing an Islamic Window at the Maghreb Bank for Investment and Foreign Trade (BMICE). BMICE intends to apply part of the proceeds of this financing to payments for consulting services to be procured under this project. This poject aims to equip the bank with the specialized knowledge, tools, and regulatory frameworks necessary to deliver Sharia-compliant financial services across its various departments. By building institutional capacity through targeted training and strategic advisory, the project seeks to align BMICE’s operations with international standards such as AAOIFI and IFSB. Ultimately, the goal is to position BMICE as a credible regional provider of innovative Islamic finance solutions in development, trade, and investment, thereby meeting the growing demand for ethical financial services in the Maghreb region. The project has the following components: Internal Legal and Regulatory Framework: Draft/update policies governing the organization and operation of the Window (charter, scope, responsibilities, activity segregation). Define guiding principles for Islamic finance-specific risk management. Determine the treatment of investment accounts (restricted/unrestricted), profit/loss calculation and allocation methodology, and associated governance. Define the accounting framework (AAOIFI FAS or IFRS with AAOIFI bridge), account mapping, and separate financial statements for the Window. Establish rules for risk reporting (credit, concentration) and information exchange (credit registry/credit bureau), in accordance with applicable laws. Define IT and internal control requirements to prevent co-mingling (segregation, products, channels, reporting). Compliance, Control, and Supervision (Alignment with BCBS/IFSB/AAOIFI) Define internal control procedures and Sharia reviews (first/second/third lines), and internal and regulatory reporting. Develop an internal prudential oversight guide. Establish a liquidity management/monitoring framework (indicators, limits, early-warning). Operational Guidelines & Policies for Islamic Windows Draft SOPs for front/middle/back-office: Sharia due diligence, contract execution, disbursements, monitoring, and recovery. Determine pricing rules (margins/profits/fees), Sharia-compliant penalties (charitable allocation where applicable). Sharia Governance Design the Sharia Committee charter (composition, independence, quorum, conflicts of interest, confidentiality). Define roles/functions: Sharia Compliance, Sharia Audit, Sharia Secretariat, fatwa process & ex-ante/ex-post review, and annual Sharia Report. Propose, where applicable, a relational framework with a national fatwa authority/Sharia Council if one exists in an operating jurisdiction. Products and Instruments for Trade, Investment and Liquidity & Market Access Develop products for BMICE activities. Produce contractual templates (Murabaha, Ijara, Wakala, Mudaraba, Musharaka, etc.) and their workflows (acquisition/ownership/risk, delivery, invoicing, Sharia-compliant collateral). Design a liquidity management toolkit. Propose Sharia-compliant collateral policies. Deployment Strategy for the Window Develop a roadmap (pilot phases → scale-up): product scope, channels, geographic coverage, KPIs and alert thresholds. Prepare a training & capacity building plan (management, risk, compliance, legal, IT, front-office). Define a change management plan (governance, internal communication, incentive alignment). Exploring Innovative Solutions Explore the implementation of innovative banking solutions, such as fintech or counter-trade practices. Communication and Capacity Building Produce a communication plan (positioning, key messages, Sharia FAQ, product sheets). Organize seminars/workshops for capacity building. 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. Request for Expression of Interest (REOI) for contracts for consultancy services will be announced as they become available on the IsDB website DG Market and the BMICE website. 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: THE MAGHREB BANK FOR INVESTMENT AND FOREIGN TRADE (BMICE) Attention: Yassine GMIHA // Soumia JHARNI Email: Procurement@bmice-maghreb.org Tel: (+216) 95 038 796 // (+216) 92 784 237