March 1975 - March 12, 1975 (Wednesday)

March 12, 1975 (Wednesday)

• The seventh and last "draft lottery", for conscription of 18-year old American men into military service. Men born on December 8, 1956, would have been drafted first, in the event of a national emergency, followed by those born June 19 and March 22, while a February 12 birthday was drawn 366th and last. By 1975, the U.S. armed services were recruiting volunteers only.
• 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. (See also for February 9, 1972, Cairo meeting to fashion the Islamic banking system)