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)
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Famous quotes containing the word march:
“The next thing his Lordship does, after clearing of the coast, is the dividing of his forces, as he calls them, into two squadrons, one of places of Scriptures, the other of reasons....
All that I have to say touching this, is that I observe a great part of those his forces do look and march another way, and some of them fight amongst themselves.”
—Thomas Hobbes (1579–1688)