Muharram being the first month of the Islamic New Year, Muharram holds great importance in Islam.
Abu Hurairah narrated that :
the Messenger of Allah said: “The most virtuous fasting after the month of Ramadan is Allah’s month Al-Muharram.” (Sahih Muslim Link)
It was narrated from Humaid bin ‘Abdur-Rahman- that is Ibn ‘Awf, that Abu Hurairah said:
“The Messenger of Allah (ﷺ) said: ‘The best fasting after the month of Ramadan is the month of Allah, Al-Muharram, and the best prayer is prayer at night.'” (Sun-an Nisai Link)