Calendar, settlement and markets

Lunar month

A month that begins with the new crescent moon and lasts twenty-nine or thirty days; the unit of the Hijri calendar.

A lunar month in the Hijri calendar lasts twenty-nine or thirty days and begins with the new crescent moon. Whether a given month has twenty-nine or thirty days depends on sighting or on the calculation method a country uses, so its length may be confirmed only at its end. Financial calculations that count Hijri months, such as zakat years or Hijri-dated maturities, must handle this variable length.

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

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