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... offshoots and, in response, Shia militant outfits. Pakistan’s Shias belong to different ethnic and linguistic groups and different tribes. They are spread all over the country. A number of leading Pakistani political figures, professionals, academics and media personalities are from the Shia community ...
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Islamic economics in Pakistan



The Islamization of the economy of Pakistan, refers to economic policies that started with General Muhammad Zia-ul-Haq's ""Islamisation"" programme. Under this programme, Pakistan was to begin bringing Pakistani society—including economic regulation, taxation, etc. -- in line with the principles of Sharia law. General Zia-ul-Haq signed and issued executive decrees on Zakāt (poor-due), Ushr (Tithe), elimination of mudarabah (profit-sharing), and perhaps most importantly, termination of riba (defined by activists as interest charged on loans and securities).Conceived in late 1977 and carried out during his reign, the programme came in response to an upsurge in Islamic activism, and the problems and controversies associated with the policies of Zia's predecessor, Prime Minister Zulfikar Ali Bhutto. Zia's stated intention was to ""eradicate the scourge of interest"" on loans and securities, and create an ""interest-free economy"". On January 1, 1980, approximately 7,000 interest-free counters were opened at all the nationalized commercial banks, making Pakistan the first country in the Muslim world with Islamic banking.However, in spite of the public support allegedly demonstrated for it (and other Islamisation policies) by the 1984 Islamisation referendum and the programme's initial gains and success, it failed to achieved international targets and to meet commercial interactions with other major international banks. Islamic activists were also displeased that Zia's ordinances and proclamations did not ban interest paying accounts.Zia's successors were not as active in their pursuit of Islamisation. While conservative Prime minister Nawaz Sharif publicly supported Islamisation, his economic policies focused on privatization and economic liberalization. Many Pakistani economists and business people worry that an attempt to impose an Islamic economy on Pakistan couldhave ""devastating economic, political, and social consequences for the country"", though others (such as governor of the State Bank of Pakistan, Ishrat Husain), have termed fears of Islamlisation ""absurd"" and based on Western stereotypes. Islamisation continued through the efforts of the Islamic courts Zia created, but the efforts of the activists on the Shariat Appellate Bench of the Supreme Court to ban interest came to naught when the government of Pervez Musharraf came to power and pressured a number of activist judges to retire.
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