In the Arabic language, the word "fiqh" means "to know", "to understand" or "to comprehend a situation". In the terminology of Sharia science, 'fiqh' refers to the understanding of religious rulings. 

Fiqh is a branch of Islamic jurisprudence that studies human actions in the context of adhering to Islamic law. It encompasses a set of practical rulings, both of an obligatory and prohibitory nature, concerning the implementation of the norms prescribed by the Sharia.

The word "muamalat" refers to transactions, deals, and other forms of interactions among people. Fiqh al-Muamalat covers various areas of the Sharia, including family law, criminal law, and commercial law, based on human social, commercial and economic activities.

Islamic banking and financial activities are regulated by Fiqh al-Muamalat. Currently, several international non-profit organizations are involved in establishing Sharia and prudential standards in the Islamic finance industry:

• The Accounting and Auditing for Islamic Finance Institutions (AAOIFI) develops Sharia standards for Islamic financial institutions and other industry participants. It promotes these standards, provides training for specialists, conducts expert evaluations, and enhances qualifications. 
• The Islamic Financial Services Board (IFSB) is responsible for developing, implementing, and overseeing global prudential standards in the areas of Islamic banking, capital markets, and insurance.  
• International Islamic Financial Market (IIFM) is a global standardization body for the Islamic capital market, money market, and Islamic financial services industry. With a primary focus on the standardization of Islamic products, processes, and underlying documentation, IIFM develops master documentation and guidelines for Islamic financial services and verifies products for compliance with Sharia norms. 
• General Council for Islamic Banks and Financial Institutions (CIBAFI) is an international non-profit organization affiliated with the Organization of Islamic Cooperation. It promotes Islamic financial values, relevant policies, and regulations to ensure the stability of the Islamic finance industry. CIBAFI also focuses on innovation, research and analysis, and professional development.  
• The International Islamic Fiqh Academy Jeddah (IIFA) is affiliated with the Organization of Islamic Cooperation and hosts highly prominent jurists, Sharia scholars, researchers, and intellectuals who specialize in jurisprudential, cultural, educational, scientific, economic, and social fields of knowledge from different parts of the Muslim world. The Academy studies contemporary life issues, performing authentic and effective Ijtihad, aiming to provide solutions and an overall Sharia stance on different modern issues stemming from the Quran, Sunnah, and rich Islamic heritage.
• The International Islamic Liquidity Management Corporation (IILM) was created by central banks of several Islamic countries to develop and issue financial instruments compliant with Sharia standards, especially in times of liquidity crises and other cross-border challenges in the Islamic banking sector.