Consultant for Non-Interest Capital Markets

Job Posting Organization:
The job posting organization is the United Nations Economic Commission for Africa (ECA), which was established to promote economic and social development in African countries. The ECA aims to foster regional integration and promote sustainable development through research, policy analysis, and capacity-building initiatives. The organization operates in multiple countries across the African continent, working with various stakeholders, including governments, civil society, and the private sector, to address the continent's challenges and opportunities. The ECA employs a diverse workforce of professionals dedicated to advancing the economic and social well-being of African nations.

Job Overview:
The Consultant for Non-Interest Capital Markets will play a crucial role in enhancing the regulatory framework and market readiness for non-interest financial instruments in Ethiopia. This position involves conducting a comprehensive assessment of the existing regulatory landscape and proposing actionable recommendations for the issuance, trading, and settlement of these instruments. The consultant will also be responsible for developing detailed regulations and guidelines that ensure Shariah compliance and protect investors. Additionally, the consultant will design and deliver training programs aimed at equipping market participants and regulators with the necessary knowledge and skills to navigate the non-interest finance sector effectively. The expected duration of this consultancy is eight months, during which the consultant will work closely with the Chief of the Finance and Domestic Resource Mobilization Section to achieve the outlined objectives.

Duties and Responsibilities:
The consultant will have a range of responsibilities, including:

• Assessing the suitability of the existing regulatory framework for non-interest financial instruments and proposing necessary improvements.
• Establishing guidelines to ensure Shariah compliance in market activities, including the role of Shariah supervisory boards.
• Evaluating and recommending enhancements to the market infrastructure to support non-interest capital market activities.
• Identifying risks specific to non-interest capital markets, such as credit risk, market risk, and operational risk, and developing strategies to mitigate these risks.
• Creating guidelines to protect investors and promote fair market practices.
• Developing and implementing a comprehensive training program for market participants and regulators to enhance their understanding of non-interest finance.

Required Qualifications:
Candidates must possess an advanced degree (Master's Degree or equivalent) in Capital Markets, Finance, Shariah-compliant Economics, Banking and Finance, or a related field. Alternatively, a first-level university degree combined with relevant qualifying experience may be accepted in lieu of the advanced degree. Additionally, candidates should have a minimum of five years of progressively responsible experience in non-interest finance and global Shariah capital markets at the national or international level. Experience working with government entities, particularly ministries of finance and capital market regulatory authorities in sub-Saharan Africa, is highly desirable. Familiarity with international organizations and African countries, as well as experience with international Islamic standards bodies, will be considered an asset.

Educational Background:
The educational background required for this position includes an advanced degree (Master's Degree or equivalent) in fields such as Capital Markets, Finance, Shariah-compliant Economics, Banking and Finance, or a closely related discipline. Candidates with a first-level university degree may be considered if they have substantial relevant experience that compensates for the lack of an advanced degree.

Experience:
The position requires a minimum of five years of progressively responsible experience in the field of non-interest finance and global Shariah capital markets. This experience should ideally be at both national and international levels, demonstrating a deep understanding of the regulatory and operational aspects of non-interest finance. Experience working with government entities, particularly in sub-Saharan Africa, is highly desirable, as is familiarity with international organizations and their operations within the African context. Candidates with experience in working with international Islamic standards bodies will have an advantage.

Languages:
Fluency in English is required for this position, as it is one of the working languages of the United Nations Secretariat. Additionally, knowledge of French is beneficial, as it is also a working language. Knowledge of Arabic is considered desirable, as it may enhance communication and understanding within the context of Shariah-compliant finance.

Additional Notes:
The position does not specify additional notes regarding contract duration, seniority level, or compensation. However, it is important to note that the United Nations does not charge any fees at any stage of the recruitment process, including application, interview, or training. The organization also emphasizes that it does not request information regarding applicants' bank accounts.