Maldives
MALDIVES CENTER FOR ISLAMIC FINANCE LTD
Male’ Republic of Maldives
TERMS OF REFERENCE OF LEGAL RETAINER
MALDIVES CENTER FOR ISLAMIC FINANCE LTD.
Advertisement No: (IUL)MCIF/1/2018/1
- 1. INTRODUCTION
1.1 Maldives Center for Islamic Finance Ltd (“MCIF”) is a state-owned entity established by the Government for promoting Islamic Finance and providing products and services through Islamic Finance instruments in the Maldives. MCIF is seeking to select a local law firm with strong experience in the field, to provide consultancy and legal services for the business initiatives of MCIF.
2. PURPOSE
WHEREAS, the MCIF is seeking a law firm, or a party to carry out all the legal affairs of the Company. Henceforth, referred to as ‘Retainer’.
WHEREAS, the Retainer must have in-depth specialist knowledge and understanding of the commercial laws, financial laws, regulations, ordinances, processes in the Maldives and International laws. Services includes but not limited to the following;
2.1 To provide comprehensive legal advice and services to the Maldives Center for Islamic Finance Ltd.
2.2 To review and revise as appropriate the structure and contents of MCIF’s existing contracts
2.3 To develop and review all types of contracts on behalf of MCIF
3. SCOPE OF WORK
The Successful firm, or party will be required to render legal services to MCIF in the following areas;
3.1 Providing timely and appropriate legal advice and services in accordance with laws, regulations and authority
3.2 Identifying and advising on all potential liability issues that may arise in/and during the business initiatives of MCIF
3.3 To attend and provide advice on matters appearing on the Agenda of Board Directors Meetings and Board Committees, on request
3.4 To represent MCIF in any lawsuits or legal proceedings;
3.5 Recovery of litigation cost, wherever applicable
3.6 To review, draft and advice on service contracts, by-laws and other documents.
3.7 Drafting Contracts, Agreements and other required legal documentations
3.8 Conveyancing
3.9 Monitoring changes in relevant legislation and the regulatory environment and taking timely and appropriate action and advising the company on relevant changes;
3.10 Allocating a focal member or a team from the Retainer firm to collaborate with the company designated person(s) for all matters in relation to MCIF.
4. QUALIFICATION AND EXPERIENCE
Advocates of the Legal firm, or consultants should demonstrate the following qualification and experiences:
4.1 At least five-years relevant work experience in providing legal services in the area of Islamic law, contract law, company law, commercial law or related fields;
4.2 At least two-year experience in representing clients in the legal proceedings.
4.3 Familiarity with domestic and international laws and practices, preferably with international practicing experience
4.4 Excellent communication and presentation skills
5. CONFLICT OF INTEREST
5.1 The Retainer shall hold matters including its contents or materials obtained in the course of services to the company as strictly confidential and shall not disclose the same to anyone without prior written consent, unless obliged by law, in which case, the Retainer must inform of such disclosure in timely manner.
5.2 The Retainer shall avoid any and all matters that could raise a potential conflict of interest, and advice the company beforehand on any potential or apparent conflict of interest.
6. DURATION OF CONTRACT
The duration will be for a period of 01 (one) calendar year – following which the parties may negotiate to renew the contract.
7. TERMS AND CONDITIONS.
7.1 The MCIF reserves the right to reject any or all proposals, or to accept any proposal that it may consider to be in the best interest of MCIF.
7.2 MCIF shall not be held liable for any errors or omissions in any part of this TOR. The information contained in the TOR is supplied solely as a guideline. The information is not guaranteed or warranted to be accurate by MCIF, nor is it necessarily comprehensive or exhaustive.
7.3 MCIF assumes no responsibility or liability for the adequacy, accuracy or completeness of any information provided in this TOR.
8. PROPOSAL STRUCTURE AND SCORING CRITERIA
8.1 The interested firms/companies are invited to submit a Technical Offer and a Financial Offer. The proposal will be the basis for contract negotiations and ultimately for a signed contract with the selected firm/company.
8.2 The Technical offer shall include the Company profile & experiences. Priority would be given to firms having experience in handling legal matters of financial institutions.
8.3 The financial offer shall include the retainer fee (inclusive of GST) which is to be paid on monthly basis.
8.4 Weight distribution: Technical Score: 50% & Financial Score: 50%
9. SUBMISSION ADDRESS
Interested parties should submit their proposals to the address below on 18th January 2018 @ 14:00 Hrs. Late submissions will be rejected.
Maldives Center for Islamic Finance Ltd
M. Sakaimoo (Mookai suites), 3rd Floor
Haveeri Hingun,
Male’, Republic of Maldives
Tel: +9603008307, Fax: +9603008399
Website: www.mcif.mv
Email: [email protected]
