1975 in the United Arab Emirates
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The following lists events that happened during 1975 in the United Arab Emirates.
Contents
Incumbents
Events
March
- March 12 - The Dubai Islamic Bank was established in the United Arab Emirates, becoming the first private institution to operate under the principles of Islamic banking. With the charging of interest on a loan prohibited by Islamic law, the banks instead make an investment in the item upon which the loan is planned, without a fixed interest rate. Similar Islamic banks were established in 1977 in Kuwait, Egypt and the Sudan.[1]
References
- ↑ Abdullah Saeed, Islamic Banking and Interest: A Study of the Prohibition of Riba and its Contemporary Interpretation (BRILL, 1996) p14
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