---
title: "What is Business day? | IslamicOpenFinance™"
description: "A day on which banks, markets or payment systems in a given place are open; the unit for due dates and settlement."
url: https://islamicopenfinance.com/glossary/business-day/
lang: en-GB
source: "IslamicOpenFinance"
---

[Glossary](https://islamicopenfinance.com/glossary/) / [Calendar, settlement and markets](https://islamicopenfinance.com/glossary/#calendar)

Calendar, settlement and markets

# Business day

A day on which banks, markets or payment systems in a given place are open; the unit for due dates and settlement.

A business day is a day on which the relevant banks, markets or payment systems are open, as defined by the contract, the market or the system's rulebook. Weekends differ across Islamic-finance markets, with some observing Friday and Saturday and others Saturday and Sunday, and public holidays include Hijri-dated holidays whose exact dates may be confirmed late. Cross-border deals therefore need to state which calendars determine a business day.

This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.

## Related terms

[**Weekend convention** Which days count as the weekend in a market; it varies across Islamic-finance markets and drives settlement and due dates.](https://islamicopenfinance.com/glossary/weekend-convention/) [**Value date** The date on which a payment or transfer is due to take effect and funds become available to the receiver.](https://islamicopenfinance.com/glossary/value-date/) [**T+n settlement** Settlement a set number of business days after the trade date: T+1 means one business day later, T+2 two business days later.](https://islamicopenfinance.com/glossary/t-plus-n/) [**Moon sighting** Observing the new crescent moon to determine the start of a Hijri month; it decides the dates of Ramadan and the Eid holidays.](https://islamicopenfinance.com/glossary/moon-sighting/)

**Calendar, settlement and markets**

1. [Hijri calendar](https://islamicopenfinance.com/glossary/hijri-calendar/)
2. [Lunar month](https://islamicopenfinance.com/glossary/lunar-month/)
3. [Hawl](https://islamicopenfinance.com/glossary/hawl/)
4. [Moon sighting](https://islamicopenfinance.com/glossary/moon-sighting/)
5. [Value date](https://islamicopenfinance.com/glossary/value-date/)
6. [Settlement finality](https://islamicopenfinance.com/glossary/settlement-finality/)
7. [T+n settlement](https://islamicopenfinance.com/glossary/t-plus-n/)
8. [Delivery versus payment](https://islamicopenfinance.com/glossary/delivery-versus-payment/)

[All 221 terms](https://islamicopenfinance.com/glossary/)