International Consultant to Conduct a Market Readiness Assessment and Develop a Roadmap for Non-Interest Capital Markets in Rwanda

Organizational Context

The United Nations Economic Commission for Africa (ECA), within the UN Secretariat, seeks an International Consultant based in Addis Ababa. This role operates within the Macroeconomic, Finance, Governance and Planning Division, focusing on advancing domestic resource mobilization and financial sector development across the continent.

Job Purpose

The purpose of this consultancy is to conduct a comprehensive market readiness assessment and develop a strategic roadmap for the establishment and operationalization of Non-Interest Capital Markets (NICMs) in Rwanda. This involves evaluating the existing regulatory environment, proposing necessary frameworks, and designing capacity-building programs. The consultant will contribute to diversifying financial instruments, enhancing market infrastructure, and fostering Shariah-compliant financial practices, ultimately aiming to strengthen Rwanda's capital markets and attract investment. The role requires developing actionable recommendations and training materials to ensure market participants and regulators are equipped to manage and operate within the NICM framework effectively.

Responsibilities

The consultant will assess the current regulatory framework for suitability and propose recommendations for the issuance, trading, and settlement of non-interest financial instruments. Key duties include establishing Shariah compliance guidelines, defining the role of supervisory boards, and recommending improvements to market infrastructure. The consultant will identify and develop strategies to mitigate specific NICM risks, such as credit, market, and operational risks. Additionally, guidelines will be developed to ensure investor protection and fair market practices. A crucial responsibility involves designing and implementing training programs for market participants and regulators to enhance their understanding and expertise in non-interest finance, culminating in a final report with finalized regulations and guidelines.

Work Experience

A minimum of 5 years of progressive experience at national and/or international levels in non-interest finance and global Shariah capital markets is required. Experience working with government entities and capital market regulatory authorities in sub-Saharan Africa is desirable, as is prior experience with international organizations and African countries.

Skills

Expertise in non-interest finance and Shariah capital markets. Ability to assess regulatory frameworks and propose recommendations. Skill in developing market infrastructure improvements and risk mitigation strategies. Competence in designing and delivering training programs. Knowledge of Shariah compliance and Islamic finance principles. Strong analytical and report-writing skills.

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