Weekend convention
Which days count as the weekend in a market; it varies across Islamic-finance markets and drives settlement and due dates.
A weekend convention defines which days of the week are non-business days in a market. Among markets with large Islamic finance sectors, several observe a Friday and Saturday weekend, others Saturday and Sunday, and some regions within a country differ from its capital. Institutions need the convention of each market and currency involved, because a date that is a business day in one may be a weekend in another.
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
Business dayA day on which banks, markets or payment systems in a given place are open; the unit for due dates and settlement.T+n settlementSettlement a set number of business days after the trade date: T+1 means one business day later, T+2 two business days later.Hijri calendarThe Islamic lunar calendar of twelve months, used for religious dates, zakat and, in some markets, official and business dates.