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Figh meaning

What does Figh mean?
Figh (more commonly spelled fiqh) describes the body of Islamic jurisprudence—principles used to assess Sharia‑compliant conduct, transactions and dispute resolution. In UK and Irish legal practice it arises mainly in Islamic finance documentation, arbitration/ADR and as expert evidence. It is not defined in UK or Irish legislation; it is a descriptive term. Courts do not apply fiqh as a system of governing law. English case law has held that a non‑state system cannot be the governing law of a contract; references to Sharia/fiqh are usually construed as compliance standards within a contract governed by a national law. Courts may receive expert evidence on fiqh to interpret such clauses, but will enforce outcomes only insofar as compatible with public policy. In arbitration, parties may adopt procedures or standards informed by fiqh; any award remains subject to the Arbitration Act 1996 (England, Wales and Northern Ireland), the Arbitration (Scotland) Act 2010, and the Arbitration Act 2010 (Ireland), including public‑policy controls. In Islamic finance, structures avoid riba (interest/usury) and gharar (excessive uncertainty) and are vetted by Sharia boards; tax and regulation derive from ordinary law, not fiqh. Usage and judicial approach are broadly consistent across England & Wales, Scotland, Northern Ireland and Ireland.
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PRACTICE NOTES
UK Banking, Finance, Capital Markets, Derivatives and Insolvency Law Glossary including Islamic finance

Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...

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