Takaful Expert (Individual Consultant)
Job Description
Job description
1. Background: The Ministry of Finance of the Federal Republic of Somalia has received financing from the World Bank toward the cost of the Somalia Capacity Advancement, Livelihoods and Entrepreneurship, Through Digital Uplift Project (SCALED-UP) with the Central Bank of Somalia as a key beneficiary. The overall purpose of the project is to support progress towards increased access to basic digital financial and government services targeting entrepreneurship and employment, particularly for women. The project’s components include: 1. Strengthening
Institutions 2: Enabling Financial and Digital Services, and 3: Project Management and Coordination. The Ministry intends to apply part of the agreed amount for this grant to payments towards hiring Takaful Expert for Central Bank of Somalia (Individual Consultant)
2. Responsibilities: The scope of the work covers the review and implementation of the drafted regulations and guidelines that will enable efficient supervision of Takaful operators in Somalia and, more specifically, the following tasks: carry out market assessment on the readiness of re/takaful operators’ capacity to adopt regulatory requirements without prejudice; Undertake a comprehensive industry consultation on the draft Takaful regulations and undertake validation
exercise; Document and present results to CBS Senior Management for endorsements and support final drafts to be submitted to CBS Board for issuance. Closely collaborate with international Takaful standard setting bodies, including the International Financial Service Board (IFSB) and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) to align the draft market conduct and prudential regulations to international standards. Support CBS in the process of the issuance of the drafted regulations and facilitate support to the industry to register and license their Takaful business. Support and review regulations and policies that facilitate consumer protection and market operations. All other specific tasks detailed in the Terms of Reference (TOR) for the assignment that can be found at the following website: https://mof.gov.so/publications/terms-reference-tor-takaful-insurance-expert-cbs
3. Duration: The proposed duration for the assignment is One Year, with possibility of extensions (depends on budget availability).
Skills and qualifications
3. Selection Criteria: The selection shall be based on qualification, experience and skills of the candidate and followed by an interview. The Takaful insurance expert is expected to have the following:
• Minimum Masters level degree in Islamic Finance, Insurance, Finance, Business, or related fields.
• Minimum 10 years of verifiable experience in leading financial institutions in banking, finance and Insurance, 5 years of which Must be in a senior management role in takaful business.
• Someone with knowledge of Somalia generally and the sensitivity to the underlying social, economic, and cultural context in particular. Experience in Somalia/fragile country context with strong technical leadership in private sector or financial sector environment is preferred.
• Knowledge and experience of the takaful markets of developing countries, including significant exposure in management of takaful business is required.
• Experience in providing training and technical capacity development on takaful.
• Complete fluency in Somali and English (reading, writing, and speaking) with Excellent analytical, writing, and presentation skills in both
• Track record of successful coordination with government or/and private sector stakeholders.
• Readiness to work in multi-cultural environment and respond work to tight deadlines on a continual basis.
• Ability to work with people from different social and educational backgrounds.
• Reputable person with good characteristics, knowledge, skills and proven capability in the development and formulation of public policy, including takaful policies.
• Demonstrated ability to lead a multi-disciplinary project management team, build effective working relations with colleagues and clients, and capable of working under pressure, with good experience in leadership and strategic management of project team at organizational level.
• A charismatic change agent – with extensive experience in context specific – practical techniques for change management.
• Strategic thinking and planning, promoting change through creativity, managing relationships and cultivating industry awareness, and understanding.
• Must be flexible to new demands, be able to work on his/her own initiative and contribute to the team effort.
• Must demonstrate impartiality and confidentiality.
• Computer Skills
• Must have strong computer skills, including MS Office Suite
• Working conditions
• The successful candidate will be subject to background checks including criminal background check prior to taking up the post.
5. The Ministry of Ministry of Finance now invites eligible consulting (“Consultants”) to indicate their interest in providing the above-mentioned Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services and furnish the Curriculum Vitae (CV).
6. Attention of interested Consultants is drawn to section III, para 3.14,3.16 & 3.17 of the World Bank’s
Procurement Regulations for IPF Borrowers: Procurement in Investment Projects Financing Goods, Works, Non -Consulting and Consulting Services dated in September 2023 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest.
7. A Consultant will be selected in accordance with the Individual Consultant method set out in the World Bank Procurement Regulations.
How to apply
. Interested Consultant may obtain further information (in person or by e-mail) at the address below during office hours from 8.00 a.m.– 4.00 p.m. Saturday to Thursday except on public holidays.
9. Deadline for submission: Expressions of interest should be delivered in a written form to the address below (in person, or by e-mail) by 26th November 2024 4:00pm local Time.
Attention; Project Coordinator
SCALED-UP Project
Ministry of Finance
Federal Government of Somalia
Shangani District, Mogadishu, Somalia
Email Address: bid.scaledup@piu.mof.gov.so
Cc: Procurement@centralbank.gov.so
