Preheat the oven to 325 degrees Fahrenheit. 

Place the ham in a deep roasting pan on top of a rack. Pour in about 1 1/2 cups water into the bottom of the roasting pan. Cover the top of the ham and the roasting pan first with parchment paper and then with another layer of aluminum. 

Bake in the preheated oven for 45 minutes – 1 1/2 hours, depending on the size of your ham. The internal temperature of the ham should reach 100-110 degrees Fahrenheit. The ham is already cooked and does not need to reach a higher temperature.

Meanwhile, prepare the glaze for the ham. 

In a small-medium saucepan, heat the butter or oil. Add the shallot and garlic and cook for 3-5 minutes on medium low heat, seasoning with salt and ground black pepper to taste, until the shallots are tender.

Add the fig preserves, the balsamic vinegar, thyme and water. Mix to combine and simmer for another 5 minutes. Discard the thyme sprigs. 

I like to take the time to blend all of this in a blender or use an immersion blender to get a smooth consistency. This way, when you brush the glaze over the ham, you won’t have bits of shallot all over it. If the glaze is too thick, thin it out with a bit more water. 

When the ham has reached an internal temperature of 100 – 110 degrees Fahrenheit, remove it from the oven, uncover it, and brush it evenly with the glaze. 

Increase the temperature of the oven to 400 degrees Fahrenheit. Return the glazed ham to the oven and bake for another 10-15 minutes, until the glaze has caramelized a bit.

Remove from the oven, let it rest for 15 minutes before serving. Serve with the remaining Fig Glaze.