AAOIFI 23rd Annual Shari’ah Boards Conference

At the 23rd Annual Shari’ah Boards Conference organized by AAOIFI in April 2025, Dr. Walid Hegazy was the speaker in the third session titled “Governing Law for International Islamic Financial Transactions.” In his capacity as Vice Chairman of the AAOIFI Governance and Ethics Board and Managing Partner of Hegazy & Partners Law Firm, Dr. Hegazy provided valuable insights into the complexities of applying governing laws in cross-border Islamic finance transactions. 

Dr. Walid presented his research paper on the potential conflict of laws between Shariah and conventional legislation as the governing law in Islamic finance transactions. He analyzed several seminal cases highlighting this dilemma in the Islamic finance industry, particularly with regard to sukuk issuances, such as the Dana Gas litigation and arbitration cases. Dr. Walid also discussed the intersection between technological advances in artificial intelligence and blockchain technology, and how the recognition of Shariah principles can be integrated into conventional legislation to promote the effective resolution of Islamic finance disputes.

Dr. Walid Hegazy: The problem of the governing law in international Islamic financial transactions.