During the first workshop of the side events of the 45th AlBaraka Islamic Economics Symposium, Dr. Waleed Hegazy, Founder and Managing Partner, Hegazy and Partners, Member of Governance and Ethics Board, Accounting and Auditing Organization for Islamic Financial Institutions, highlighted the new standard issued by AAOIFI regarding the mechanism for making Shariah decisions in Islamic financial institutions. The standard provides a comprehensive framework to ensure effective Shariah governance and guarantees that all fatwas and Shariah rules are applied in accordance with Islamic principles. It is considered an important step towards unifying Shariah practices in Islamic financial institutions worldwide, regardless of whether the country applies Shariah or not. 

The standard includes cooperation between management and Shariah supervision and covers all stages, from fatwa issuance to application and review.

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