Muslims have the Christmas story (or, at least, a truncated version of it), but they don't have Christmas. Why? Well, essentially because there's nothing to celebrate. To Muslims, Jesus is not the redeeming savior of the world, but simply a prophet whose main job, it seems, was to announce the coming of Muhammad.
Not only does Islam lack Christmas, it lacks many of the humanizing elements that we associate with Christmas. The central image we identify with Christmas is that of the Holy Family. The fact that God became a member of a human family immeasurably elevated the importance of family, marriage, and motherhood. But there is no corresponding elevation of the family under Islam. According to ..."
http://www.frontpagemag.com/fpm/265195/spirit-christmas-and-spirit-islam-william-kilpatrick
