The main objective of this paper is to examine the role of collective Ijtihad institutions in Sudan with special reference to the Islamic Fiqh Academy of Sudan (IFA-Sudan) and the Shari'a supervisory boards in Islamic banks. The paper begins with a background of fatwa history in Sudan, focusing particularly on the experience of the Islamic Fiqh Academy (IFA-Sudan), which is a leading institution in the area of collective Ijtihad, through the powers granted to it as an official fatwa institution and discusses its contribution diverse to both society and the state. This paper presents an overview of selected models of Shari'a supervisory boards in Islamic banks and financial institutions including the High Shari'a Supervisory Council (HSSC) in Central Bank of Sudan. It provides also in-depth and strong understanding of Shari'a consultancy mechanisms in Islamic banks and their role in fatwas harmonization in financial matters. Through discussion emphases have given to the working approaches and procedures for the issuance of fatwa and its reinforcement mechanism from the perspective and practices of Islamic law in Sudan. This paper highlights some significant results on the importance of institutions of collective ijtihad, especially in public issues and emerging subjects. In conclusion, some policy implications have been mentioned on the development of fatwa management and use of modern technology to communicate between Shari'a supervisory boards in Islamic Banks and other financial institutions within and outside the country, and the interaction with the public, through answering their religious questions.