World's first Islamic bank

The world's first Islamic bank was established in Dubai on October 1, 1975. The bank has performed well for seven years. Dubai Islamic Bank performs all the functions of a conventional bank within the framework of Islamic banking principles. The bank possesses a special 'zaka account' used to help certain institutions and the needy. Dubai Islamic Bank has started several projects, including a monthly magazine as well as real estate, industrial, and commercial projects. Recently, the bank has entered the field of trading and may soon expand to Pakistan.