Jurisdiction(s):
United Kingdom

Key definition

Not-for-profit definition

What does Not-for-profit mean? In legal practice, not-for-profit describes an organisation whose governing documents prevent the distribution of profits to members, owners or shareholders; any surplus is retained and applied to its purposes. The term is descriptive rather than a defined legal status and is broadly used, and understood consistently, across England and Wales, Scotland, Northern Ireland and Ireland. It broadly aligns with “non‑profit distributing”. Charities are a subset of not‑for‑profit bodies: they may generate surpluses, but must apply them solely to their charitable objects and cannot distribute them. Charity status is conferred by statute and regulation (eg Charities Act 2011, the 2005 and...

Islamic Finance and Shari’ah: Key Terms, Concepts and Institutions for Lawyers

Published by a LexisNexis Banking & Finance expert

Practice notes

The Islamic finance glossary brings together essential definitions and abbreviations for terms frequently used across the Islamic finance industry and its products, and directs readers to relevant resources. It is continually expanding as additional entries are identified. Please note that the transliteration of Arabic terms into Roman script follows no fixed system and simply mirrors preferences commonly adopted within the Islamic finance sector...

Auditing and Accounting Organisation for Islamic Financial Institutions ( AAOIFI )

The foremost Islamic, international, autonomous, not‑for‑profit organisation that develops accounting, auditing, governance, ethics and shari’ah standards for Islamic Financial Institutions (IFIs) and the global Islamic finance industry. Established in Bahrain in 1991, it is supported by institutional members from over 45 countries, including:

central banks and regulatory authorities
financial institutions
accounting and auditing firms
legal firms

Its standards are adopted by leading Islamic financial institutions worldwide and have progressively fostered a greater degree of harmonisation in international Islamic finance practices...

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Web page updated on 21/05/2026

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