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]
Referencesedit
^Abdullah Saeed, Islamic Banking and Interest: A Study of the Prohibition of Riba and its Contemporary Interpretation (BRILL, 1996) p14
1975, united, arab, emirates, following, lists, events, that, happened, during, 1974, 1973, 1972, 1976, 1977, 1978decades, 1970s, 1980s, 1990ssee, also, other, events, 1975, timeline, emirati, history, contents, incumbents, events, march, referencesincumbents,. The following lists events that happened during 1975 in the United Arab Emirates 1974 1973 1972 1975 in the United Arab Emirates 1976 1977 1978Decades 1970s 1980s 1990sSee also Other events of 1975 Timeline of Emirati history Contents 1 Incumbents 2 Events 2 1 March 3 ReferencesIncumbents editPresident Zayed bin Sultan Al Nahyan Prime Minister Maktoum bin Rashid Al MaktoumEvents editMarch edit 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 edit Abdullah Saeed Islamic Banking and Interest A Study of the Prohibition of Riba and its Contemporary Interpretation BRILL 1996 p14 nbsp This United Arab Emirates related article is a stub You can help Wikipedia by expanding it vte nbsp This Middle Eastern history related article is a stub You can help Wikipedia by expanding it vte nbsp nbsp This year in Asia article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title 1975 in the United Arab Emirates amp oldid 1097106595, wikipedia, wiki, book, books, library,
