Result of Service

The final output of services are the followings: • Inception Report: Outlining the detailed work plan and methodology. • Draft Regulations and Guidelines: Comprehensive draft regulations and guidelines for Islamic capital markets. • Training Programs: Design and delivery of training programs for market participants and regulators. • Final Report: Incorporating feedback from stakeholders and finalizing the regulations and guidelines.

Work Location

Remote

Expected duration

4 months

Duties and Responsibilities

Background Information Islamic finance has experienced significant growth globally, driven by the increasing demand for Shariah-compliant financial products and services. Islamic capital markets (ICM) are a crucial component of this growth, providing a platform for raising capital in a manner consistent with Islamic principles. These markets facilitate the issuance and trading of financial instruments that comply with Shariah law, such as Sukuk (Islamic bonds), Islamic equities, and other Shariah-compliant securities. A well-defined regulatory framework is essential for the growth and stability of Islamic capital markets. It ensures transparency, predictability, and compliance with Shariah principles, which are critical for building investor confidence. Regulations and guidelines provide a structured approach to market activities, including the issuance, trading, and settlement of Islamic financial instruments. They also establish the roles and responsibilities of various market participants, including issuers, investors, and Shariah supervisory boards. Uganda is a member of the Organization of Islamic Countries (OIC). In addition, Uganda has enacted the Islamic Banking laws and even licensed the first Islamic Bank. Given the growing interest in Islamic finance and the potential for market development in Uganda, there is an urgent need to develop comprehensive regulations and guidelines for Islamic capital markets. This initiative aims to provide a detailed framework that supports the growth and stability of ICM, ensuring compliance with Shariah principles and enhancing investor confidence. By addressing the regulatory gaps and establishing clear guidelines, Uganda can position itself as a leading hub for Islamic finance, attracting investment and promoting economic growth. In this context, the United Nations Economic Commission for Africa (ECA) is seeking the services of a consultant to develop a Regulatory Framework and Guidelines for Islamic Capital Markets Products. The objectives of this assignment are: • To ensure compliance with Shariah principles in all aspects of the capital market. • To enhance transparency, predictability, and investor confidence in Islamic capital markets. • To build capacity among market participants and regulators through targeted training programs Duties and Responsibilities Under the supervision of the Chief, Innovative Finance and Capital Markets Section, Macroeconomic, Finance and Governance Division, ECA, the Consultant will be responsible for the followings: • Develop comprehensive regulations for the issuance, trading, and settlement of Islamic financial instruments. • Establish guidelines for ensuring Shariah compliance in all market activities, including the role of Shariah supervisory boards. • Assess and recommend improvements to the market infrastructure to support Islamic capital market activities. • Identify and develop strategies to mitigate risks specific to Islamic capital markets, including credit risk, market risk, and operational risk. • Develop guidelines to protect investors and ensure fair market practices. • Recommend and implement training programs for market participants, regulators, and the public to enhance understanding and expertise in Islamic finance.

Qualifications/special skills

An advanced degree (master’s degree or equivalent) in the field of Capital Markets, Finance or Islamic Economics, Banking and Finance or a relevant field is required. A minimum of 7 years’ progressively responsible experience at national and/or international level in Islamic finance and global Shariah capital markets is required. Experience in formulating regulations on Islamic finance is required. Experience working with government entities, including the ministries of finance and capital market regulatory authorities in sub-Saharan Africa is desirable. Past experience working with international organizations and African countries is desirable. Experience working with international Islamic standards bodies is desirable.

Languages

Fluency in both in written and spoken English and Arabic is required.

Additional Information

Not available.

No Fee

THE UNITED NATIONS DOES NOT CHARGE A FEE AT ANY STAGE OF THE RECRUITMENT PROCESS (APPLICATION, INTERVIEW MEETING, PROCESSING, OR TRAINING). THE UNITED NATIONS DOES NOT CONCERN ITSELF WITH INFORMATION ON APPLICANTS’ BANK ACCOUNTS.