EXHIBIT B – PERFORMANCE REQUIREMENTS / NON-COST FACTORS

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Scope of Work:

WSAC is seeking a qualified firm with expertise in Islamic finance, Shariah compliance, investment analysis, and/or higher education savings programs to evaluate whether the State's GET 529 Prepaid Tuition Plan (GET) may be considered a Shariah-compliant option for Muslim families seeking to save for future qualified higher education expenses.

The selected consultant will conduct an independent assessment of GET's structure, operations, contractual obligations, applicable legal framework, and, if applicable, investment characteristics; and provide recommendations regarding its compatibility with generally accepted principles of Islamic finance.

OBJECTIVES AND SCOPE OF WORK

Consultant shall:

· Evaluate GET’s legal structure, governance, contractual relationship with program participants, and, if applicable, investment characteristics in the context of established principles of Islamic finance. A comprehensive review of the underlying investments in the GET trust fund would only be necessary to the extent that the consultant determines it is relevant to the analysis of Shariah-compliance from the end saver’s perspective.

· Identify any features of the program that may present concerns under commonly recognized Shariah standards.

· Identify any program participant-driven features, transactions, or refund provisions that could affect Shariah-compliance, if activated or otherwise initiated by the program participant.

· Assess whether GET could reasonably be considered a Shariah-compliant education savings option under the recognized standards and methodologies applied in the review.

· Identify any plan features that may present ambiguities or variations in interpretations among recognized Islamic scholars or Shariah standards that may affect the analysis.

· Recommend any further analysis, scholarly review, and/or certification procedures that may be available and advisable. Consultant should specifically state if it is feasible to seek formal certification from a recognized Shariah compliance governing or standards body and, if so, provide specific guidance on seeking such a certification.

· Recommend potential modifications, disclosures, or operational changes, if any, that could affect the program's compatibility with Islamic finance principles.

Project Outline The consultant shall perform, at a minimum, the following tasks:

Review GET Program Design

Review all relevant documentation provided by the State, including but not limited to:

· Program statutes and administrative rules;

· Program disclosure documents including: the 2026-27 Enrollment Year GET Program Details Booklet and Master Agreement;

· Governance and fiduciary framework;

· The Washington State Investment Board’s (WSIB) investment policy for the GET trust fund that backs the state guarantee;

· Trust fund structure and reserve management practices;

· The 2025 GET Actuarial Valuation Report;

· and

· Additional supporting materials identified by the State

Assess Shariah Compliance

Conduct a comprehensive evaluation of GET’s legal structure, contractual framework, financial characteristics, investment approach (if applicable), governance, and operations to assess its compatibility with generally accepted principles of Islamic finance as a potential education savings option for individuals and families. The analysis should consider, at a minimum, riba/interest, gharar/excessive uncertainty, speculation, risk-sharing, asset-backing, contractual structures, prohibited industries and investments (if applicable), social responsibility, governance, and any other relevant Islamic finance considerations.

The analysis should include an assessment of the Program’s financial structure and the flow of funds throughout the lifecycle of a GET account, including tuition unit purchases, benefit payments, the State’s contractual guarantee, and the investment and management of the trust fund (if applicable). The consultant shall evaluate how these features related to the Islamic finance principles and standards applied in the review.

The consultant should identify which recognized standards, methodologies, or schools of Islamic jurisprudence inform the analysis and explain any material differences in interpretation.

Provide Relevant Context

Analyze comparable prepaid tuition plans, education savings programs, government-sponsored financial products, especially any defined benefit, and other financial products that have undergone Shariah review or received certification, where available. The analysis should identify relevant precedents and discuss similarities and differences with GET.

Consult Stakeholders and Experts

Conduct interviews and meetings, or otherwise consult with, as appropriate:

· Staff who support the administration of the program, including WSAC and WA529 staff, WSIB staff, and program actuaries.

· Qualified Islamic scholars or recognized Shariah advisory organizations.

Develop Findings and Recommendations

Prepare a written report that includes, at a minimum:

· Executive summary;

· Description of methodology, including identifying the Shariah standards, jurisprudential methodologies, scholarly authorities, and assumptions that form the basis of the analysis and explain any material limitations these may place on the conclusions;

· Analysis of GET through a Shariah compliance lens;

· Identification of areas of nuance, concern, and/or conflict with Islamic investment principles;

· Discussion of differing scholarly opinions, where applicable;

· Conclusions and/or an opinion regarding whether the program may reasonably be considered Shariah compliant from the perspective of an end-saver under the standards applied and the basis for the determination. The determination shall describe the basis for the conclusion and identify any significant limitations, qualifications, or areas of differing scholarly interpretation that may affect the assessment.

· Recommendations for any further analysis, scholarly review, and/or certification procedures that may be available and advisable, including the feasibility of and steps necessary to seek certification from a recognized Shariah compliance governing or standards body;

· Recommendations for policy, operational, contractual, or disclosure changes, if any;

· Identification of any limitations of the review;

· Identification of any assumptions that materially affected the conclusions; and

· Bibliography or list of authorities relied upon, including Shariah standards, scholarly opinions, and other relevant references.

Deliverables

The consultant shall provide:

1. Project work plan and schedule;

2. Kickoff meeting with WSAC/WA529 staff;

3. Formal interim project summary updates at least monthly;

4. Draft final report for WSAC/WA529 review and comment;

5. Final report incorporating WSAC/WA529 feedback;

6. Executive presentation to WSAC/WA529 staff and/or the WA529 Committee summarizing findings and recommendations.

Consultant shall provide electronic copies of all reports in Microsoft Word, PDF, and PowerPoint formats, along with any supporting research, matrices, or appendices developed during the project. All work products, including but not limited to reports, analyses, supporting documentation, presentations, developed under this contract shall become the property of WSAC.

Qualifications

Bidders should demonstrate:

· Experience in Islamic finance and Shariah compliance assessments.

· Knowledge of Section 529 qualified tuition programs or comparable tax-advantaged investment and/or education savings vehicles.

· Experience evaluating financial products under Islamic finance principles.

· Familiarity with recognized Shariah standards and guidance issued by respected Islamic finance organizations and scholars.

· Experience preparing objective policy or financial advisory reports for governmental or institutional clients.

Instructions:

Note: Bidders must follow the instructions outlined in this Exhibit. Unless WSAC, at its discretion, determines that a bidder’s variance from these instructions is immaterial or timely corrected, Bids that do NOT follow these instructions will be deemed to be nonresponsive and rejected.

1. Add bidder’s business name above and follow the instructions below.

2. Review and respond to all questions. The written response shall be considered complete and stand on its own merits or may be deemed non-responsive, with the exception of Question 8 which allows for an external link.

3. Provide a written response that addresses how the bidder meets or exceeds each requirement in the Written Response column.

a. Supporting Information. Please make sure to include references in Exhibit A – Bidder’s Certifications that align with the information provided in this exhibit. WSAC may request additional information or references to help verify the information provided by the bidder in this exhibit. A bidder’s failure to provide requested information to WSAC within five (5) business days may result in disqualification.

b. Bidder’s Commitments. Please note that, if bidder is awarded a contract, the bidder’s responses to some of the performance requirements below (e.g., customer service) will be incorporated to the resulting contract. Accordingly, bidder is cautioned to state only commitments that bidder can meet throughout the term of the contract. An awarded bidder (i.e., contractor) who is not able to meet such commitments throughout the contract term will be subject to contract termination for breach of contract and damages. Please see Exhibit D – Contract.

This Exhibit Must be submitted as a stand-alone file, Word or PDF.

Performance Requirements: Bidder must respond to each requirement as noted in the instructions below.

1. Using the Bidder Compliance column, Bidder must select either a "Yes" or "No" to indicate the Bidder's ability to meet the requirement. Any entry that is not either a "Yes" or "No", may be deemed non-responsive and will not be considered any further.

1. Do not alter or reformat the document. Boxes for Written Response will expand as content is added. Written Response boxes may contain charts and graphics sized accordingly.

PERFORMANCE REQUIREMENTS AND FACTORS

Stated Business Need

WSAC requires demonstrated subject-matter expertise to ensure the assessment is credible, balanced, and grounded in recognized Islamic finance principles.

125 points

☐ Yes ☐ No Written Response Required.

WSAC requires a qualified, multidisciplinary team capable of evaluating GET’s legal, contractual, financial, investment, actuarial, and operational characteristics.

125 points

☐ Yes ☐ No Written Response Required.

WSAC requires a consultant who can assess GET as an integrated program rather than evaluating isolated investment or contractual features.

75 points

☐ Yes ☐ No Written Response Required.

WSAC requires a transparent and well-supported methodology that allows the agency and the WA529 Committee to understand and evaluate the basis for the consultant’s findings.

125 points

☐ Yes ☐ No Written Response Required.

WSAC requires findings that are informed by relevant precedent, appropriate stakeholder input, and qualified scholarly expertise.

75 points

☐ Yes ☐ No Written Response Required.

WSAC requires findings and recommendations that are practical, understandable, and sufficiently supported to inform agency and Committee decision-making.

100 points

☐ Yes ☐ No Written Response Required.

WSAC requires a realistic and effective approach for completing the project within the required timeframe and producing high-quality work products.

75 points

☐ Yes ☐ No Written Response Required.

WSAC requires evidence that the bidder can successfully perform comparable work and produce clear, decision-useful deliverables.

50 points

☐ Yes ☐ No Link to a Box (or similar) folder containing samples.

WSAC may determine that a conflict is disqualifying or require an acceptable mitigation plan as a condition of contract award.

☐ No Written Response Required.

Return this exhibit to Procurement Coordinator at:

RFPCoordinator@wsac.wa.gov COMPETITIVE SOLICITATION NO. 27RQ002 - EXHIBIT B – PERFORMANCE REQUIREMENTS PAGE 2 image1.jpeg image2.jpeg