Global Leaders in Islamic Finance: Industry Milestones and Reflections

For my mother and father, Zubaidah Yusoff and Abdul Alim Abdul Rahim, and my late sister, Alizah Abdul Alim, may Allah bless her soul

Acknowledgments

Whoever does an atom's weight of good will see it, And whoever does an atom's weight of evil will see it.

—Al Qur'an, Sura 99, Az Zalzalah, Verses 7–8

Many have helped make this book possible, and I would like to thank all for any and every contribution. Please accept my sincerest apologies if I have missed anyone.

None of this would have been possible without the graces and blessings of Allah (swt), and I am very thankful for His infinite generosity and guidance.

My most special thank you to my most-loved and cherished friends who have kept me sane for so many years. The most special thank you and my utmost debt of gratitude to Tatiana Tahir-Craven who, even from Melbourne, Australia, provided me with much-needed support on a daily basis. I speak nothing but the truth when I write that I could not have survived without her friendship. My love and thanks also to Rashidah Brandeis in Singapore, Samija Serifa in Latvia, and Annex Achieng in Italy. By extension, thank you Peter Craven, Paul Brandeis, Luigi Leotta, and all your bubbly brood—Sarah, Thara, Sonia, Lea, Umred, and Agostino.

My appreciation to Nick Wallwork, Jules Yap, Gemma Rosey and Chris Gage at John Wiley & Sons in Singapore and to Siti Kasim in Kuala Lumpur, who remembered me enough to introduce me to Nick some moons ago.

For the work of transcribing dozens of hours' worth of interviews, thank you especially Jason Gray in South Africa and Zaheer Thai Kandy in Dubai.

For suffering the reading of draft chapters, thank you especially to Al Zaquan Amer Hamzah in Kuala Lumpur and Nagham Osman in Cairo for introducing me to Tanya Chan-Sam in the UK. Many thanks also to others who provided feedback and comments, including Ameena Al Haddad and Juhaina Kasimali in Bahrain, Zuzanita Zakaria in the United States, and Nurini Kassim of Securities Commission Malaysia. To Cheryl-Ann Low in Singapore, thank you for your fresh eyes on the pages.

Thank you to all at Thomson Reuters Islamic Finance Gateway for the work that has taught me a lot, including Dr Sayd Farook, Wiebke Buelow, Blake Goud, Shaima Hasan, Ammar Radhi, Yusuf Radhi, Redha Al Ansari, Karim Arafa, Ameena Al Haddad (again), Juhaina Kasimali (again), Dua'a Al Masqati, Noor Khamdan, Mazen Al Saleh, and Sameera Al Bulushi.

The interviews were made possible with the help of many people including Shiraz Gull and Ajmal Mehmood Awan of the Institute of Policy Studies in Islamabad, Pakistan; Ahmad Majid Lootah in Dubai; Edith Butcher of Dar Al-Maal Al-Islami in Switzerland; Sharaf Khawaja of Ithmaar Bank in Bahrain; Hassan Ibrahim, Dato' Vaseehar Hassan, and Mohamed Mousa of Dallah AlBaraka Group in Saudi Arabia; Maznah Bahari and Ima Abu Bakar of Perdana Leadership Foundation in Kuala Lumpur; Wan Zaleha Radzi also in Kuala Lumpur; and Siham Ismail and Yazmin Aziz of IFSB in Kuala Lumpur.

Thank you very much to those who very generously gave of their time to entertain my questions and provide me with much background information, including Dr Ibrahim Kamel; Professor Rodney Wilson; Dr Yahia Abdul Rahman of LARIBA; Khalid Abdulla-Janahi of Dar Al-Maal Al-Islami; Daud Vicary Abdullah of INCEIF; Professor Simon Archer; Professor Hossein Askari; Rafiza Ghazali of Cagamas; John Goodman of Ogilvy Noor; Abdulaziz Goni of Thomson Reuters; Dr Wafik Grais; Farrukh Habib then of INCEIF and now of ISRA; Rafe Haneef of HSBC Amanah; Abdullah Haron then of IFSB; Dr Zamir Iqbal of the World Bank; Shelina Janmohamed of Ogilvy Noor; Sairana Mohd Saad; Jahanara Sajjad of Hawkamah in Dubai; Sheikh Muddassir Siddiqi; Anthony Travis, and Dr Murat Ünal of Funds@Work.

Last but most certainly not least, thank you to the individuals who very graciously and generously gave of their time to sit through the interviews with me. Encounters with them have been inspiring: Professor Khurshid Ahmad, Hajj Saeed Lootah, HRH Prince Mohamed Al Faisal Al Saud, Sheikh Saleh Abdullah Kamel, Tun Dr Mahathir Mohamad, Tan Sri Nor Mohamed Yakcop, Mustapha Hamat, Wan Rahim Kamil, Professor Abbas Mirakhor, Professor Rifaat Ahmed Abdel Karim, Sheikh Nizam Yaquby, Michael McMillen, and Rushdi Siddiqui.

Selected List of Acronyms

Introduction

What is Islamic finance, and how is it different from regular finance? Why is there a need for it, and how did it all start? Is it only for Muslims?

This book is not a technical book or textbook on Islamic finance; it will neither teach you the finer details of Islamic financial structures nor present the minutiae of technical issues that challenge the Islamic finance industry.

This book brings you the individuals who have built the industry from scratch, individuals who were there from the very beginning of this new industry, and individuals who have contributed to Islamic finance at the global level. Within these pages you will encounter the motivations behind industry milestones and learn about the major challenges and issues affecting the modern Islamic finance industry since its birth in the 1970s through the perspectives and very candid opinions of leaders responsible for some of the industry's most significant developments.

The modern Islamic banking and finance industry is widely acknowledged to have its roots in the Mit Ghamr Savings Bank in Egypt, which opened its doors in 1963. The bank was established by the late Dr. Ahmed Al Najjar, and operated more along the lines of an interest-free cooperative credit union. Unfortunately Mit Ghamr Savings Bank was shuttered in 1967 due to various political reasons. Thereafter the first Islamic commercial bank opened in Dubai in 1975. From that first Islamic commercial bank to over 600 Islamic financial institutions in more than 50 countries today, the Islamic financial industry continues to grow much faster than the conventional interest-based system, charging forward as it escaped relatively unscathed from the direct impact of the global financial crisis that started in 2007–2008.

But Islamic finance did not just magic into existence from the 1960s. To different degrees, Muslim communities have been influenced by and aligned their trade rules and financial transactions with shari'ah since the spread of Islam from its Meccan and Medinan epicentres in the seventh century. European colonization of Muslim lands punctuated the development of Islamic finance, and introduced the now all-pervasive banking model. It was only from the 1970s that we see an institutionalized financial system following shari'ah, albeit largely in the Western banking and finance mould, that has grown to become international. Fuelled by Islamic revivalism and Middle Eastern petrodollars, the industry mushroomed following the establishment of two pan-Islamic initiatives: the Organisation of Islamic Conference in 1969 and the Islamic Development Bank in 1975. This contemporary industry is the focus of this book.

From 2000 to 2011 global Islamic finance assets achieved a compounded growth rate of 27 percent, with the period 2000 to 2007 recording a higher 30 percent. Growth slowed post 2008 due to the impact of the global financial crisis on the real economy which in turn impacted negatively on assets held by the Islamic finance industry.

Most Islamic finance assets today are based in the Middle East and North Africa, followed by Southeast Asia (primarily Malaysia). But these regions are not the only ones with Islamic finance activities. Additionally, not all Islamic finance practitioners, clients and customers are Muslims. In Malaysia, for example, more than half of Islamic banking customers are non-Muslims, and there are many conventional financial institutions who now have Islamic businesses or who are involved with shari'ah-compliant finance, including Barclays, Citi, Deutsche Bank, HSBC, and Standard Chartered. While Muslims were Islamic finance's target market in the 1970s and 1980s, the expansion of Islamic finance from the 1990s pushed its appeal and use beyond the epicentres in the Middle East and Malaysia. Following the 2008 global financial crisis the Islamic financial industry has increasingly been considered as a viable and sustainable alternative financial system. The challenge for the Islamic finance industry today is how to move forward to widen its appeal based on differentiating itself from the conventional financial model and offering its own unique products and services. In short, how does Islamic finance co-exist with the dominant global financial system while remaining distinct from it.

The prominent individuals considered in this book cover the broad range of sectors within the Islamic finance industry: banking, capital market, shari'ah, law, economics, policymaking, and international standard setting. Each chapter leads with the work and contributions of the leader and explores relevant issues while presenting insights and perspectives on Islamic finance-related matters closest to each individual's heart. All interviews were conducted face-to-face and in person except for two—the interviews with Professor Khurshid Ahmad and Michael J. T. McMillen were conducted online due to scheduling difficulties.

The pages of this book expose unswerving hearts steeped in the belief and conviction that the Islamic system is a strong and viable financial alternative. At the same time, they unreservedly address the industry's shortcomings. The leaders reveal what they consider to be the Islamic finance industry's achievements; perhaps more interestingly, they also reveal their own disappointments and misgivings about the industry's methods and current trajectory.

During the course of the writing of these chapters, drafts were read by people working within the Islamic finance industry as well as those completely unfamiliar with the subject matter. To the author, the more valuable reactions and feedback came from the latter group. The main challenge faced by the author has been, firstly, to faithfully represent and relate the message of the merits and value of Islamic finance sans gross hyperbole and overstatement. The other challenge was to make accessible financial and Islamic financial jargon and argot to a non-Islamic finance readership. It is the author's sincerest hope that these twin challenges have been met to some extent; in working towards these aims, the honest feedback from the non-Islamic finance readers has been invaluable.

Selection of Leaders

The ten leaders in this book stand on their own strengths and merits.

In selecting people to be interviewed for this book, the overarching aim was to include living individuals whose contributions to Islamic finance have made a global impact and who have blazed new trails and broken new ground for Islamic finance. To this end, the pioneers who built the industry from scratch are easy to spot in any lineup—these include Professor Khurshid Ahmad, Saeed bin Ahmed Al Lootah, His Royal Highness Prince Mohamed Al Faisal Al Saud, Saleh Abdullah Kamel, and Tun Dr Mahathir Mohamad. While the leadership, calibre, and influence of most of the interviewees are undisputed, every person involved in and/or familiar with the Islamic finance industry has their own views as to who or what a global leader in the Islamic finance industry is or should be. The views of a cross-section of the industry the author reached out to were revealing—in some cases, criticisms and attacks ad hominem were easily dismissed, but beyond this baseline almost everyone had different candidates to propose. Perhaps reflective of the progress and trajectory of the Islamic finance industry over the past four decades, this author learnt that you cannot please everyone and that you must press on towards a bigger picture with the knowledge that the final outcome would incur (no doubt impending) criticisms of many an industry stalwart. The author hopes that others will continue what this book has started and continue to document industry milestones and perspectives of its leaders.

The chapters are organised according to the interviewee's year of formal entry into the Islamic finance space. We start in Chapter 1 on the Indian subcontinent, looking at the roots of Islamic revivalism that inspired and influenced an entire generation of Muslims. From the upheavals of the Indian fight for independence and the Indian Muslim's struggle for a separate nation-state, we meet Islamic economist Professor Khurshid Ahmad, whose work and activism from the early 1970s led to the watershed First Islamic Economics Conference in Mecca in 1976.

In the oil-rich Gulf, we hear in Chapter 2 from Hajj Saeed Bin Ahmed Al Lootah whose deep piety and leap of faith resulted in the world's first Islamic commercial bank in Dubai in 1975. Hajj Saeed reveals Dubai Islamic Bank's difficulties growing up amid the emirate's booming wider economic environment. In Chapter 3, we learn of the travails of banks and industry building with the pioneering multinational Islamic financial institution established by HRH Prince Mohamed Al Faisal Al Saud, whose vision, conviction, and international reach has served as a well of influence for the industry. Then in Chapter 4 we hear from another larger-than-life trailblazer, Sheikh Saleh Abdullah Kamel, whose contributions and initiatives have set the foundation for the global Islamic finance industry.

In Southeast Asia, Malaysia's rise to global Islamic finance prominence is mapped in Chapter 5 by the country's former prime minister Tun Dr Mahathir Mohamad, who led the country's economic development for 22 years.

From the work of these pioneers who established the first academic, professional, and commercial institutions serving the Islamic finance industry come the second generation who have strengthened the industry and pushed its boundaries beyond core Muslim markets. In Chapter 6, one of Islamic finance's intellectual godfathers, former International Monetary Fund executive director Professor Abbas Mirakhor, gives us direct insight into the very essence and raison d'être of Islamic finance. We see how, through his leadership and expertise, a vital bridge between Islamic economics and conventional economics was built. In the same vein, in Chapter 7, Professor Rifaat Ahmed Abdel Karim leads the way in securing the stability and soundness of the global Islamic industry while pushing its integration with the global financial architecture. At the very core of shari'ah compliance we speak in Chapter 8 to one of the industry's most influential and prominent gatekeepers, shari'ah scholar Sheikh Nizam Yaquby. Working closely with Sheikh Nizam and other leading shari'ah scholars, leading expert and lawyer Michael J. T. McMillen, the topic of Chapter 9, has been responsible for some of the industry's most significant innovative legal structures and financial transactions, and he gives direct insight into the widespread use of Islamic finance in the United States. Last but not least, in Chapter 10 we hear from Rushdi Siddiqui, whose leadership launched the Dow Jones Islamic Market Index in 1999, an industry game-changer. From him we learn the difficulties the Islamic finance industry faces with regard to staying relevant to the man on the street while striving to achieve the highest levels of global professional efficiency.

Pulling all the threads together, Chapter 11 presents an overview of the main issues and concerns of the 40 years of the global Islamic finance industry as discussed in the 10 chapters.

Revealing Thoughts

It is important to point out that the focus of the book is Islamic finance. Through the interviews with the leaders, the book presents the subject's many facets and offers multiple perspectives on the world of Islamic finance. During the interviews, some leaders chose to focus primarily on their own work; others were more comfortable offering their opinions on a broad range of issues. As a result, the chapters are not structured in the same manner. This book is a collection of interviews that reveal different insights and opinions about Islamic finance and its development and growth over the past four decades. The author's aim has been to record each leader's main concerns, flesh them out, and position these concerns within the bigger financial and socio-economic context.

The interviewees in the first five chapters paint their work and contributions and the development of the Islamic finance industry in much broader brushstrokes than the next interviewees do. This could perhaps be due to their need to distil their decades of experience down to a memorable essence. At the same time, it is reasonable to expect most details to be lost from memory. In certain instances, some leaders chose to reveal more than others, but none was indecorous—readers hoping for a tabloid tell-all volume will be disappointed.

Most in the industry prefer to focus on the bigger textures and needs of Islamic finance than to count their own achievements. But not all shy away from the limelight. A leader or two asked the author why she had decided not to list awards and prizes won by the interviewees. Any mention of awards or prizes in the book supports a much larger theme or strand of argument; by and large, it is hoped that the achievements and influence of our ten leaders speak through their actions, decisions, and thought leadership.

Lastly, readers will notice that some of our leaders are joined in their chapters by others who have worked alongside them. These other individuals are featured where their voices and contributions are contextually fitting.

Broad Overview of the Development of the Islamic Finance Industry, Showing Milestones, Earliest Islamic Banks and Events/Institutions Mentioned in This Book

Chapter 1

The Islamic Economist/Activist

Khurshid Ahmad

Whoever rallies to a good cause shall have a share in its blessings.

—Al Qur'an, Sura An Nisa, Verse 85

What Is Islamic Economics? was the keynote address delivered by Professor Khurshid Ahmad at the World Assembly of Muslim Youth in Riyadh, Kingdom of Saudi Arabia, in 1973. That conference led to his involvement in organising the watershed First International Conference on Islamic Economics in Mecca in 1976. Professor Khurshid's vision and activism planted the seeds for the development of Islamic Economics at the institutional, political, and academic level. He started the first ever academic Islamic economics programme in the 1960s at Karachi University, and served as the founding chairman of the International Institute for Islamic economics at the International Islamic University in Islamabad, established in 1983. Nationally he has been involved with the Islamisation of Pakistan's economy since 1978. Professor Khurshid's work also extends to the United Kingdom, where the Islamic Foundation, an institution he founded in 1973, has been a major influence.

In my youth I was groping in search of an ideology and a life mission. The choice was between socialism, which had glamour for the youth at that time, or going back to my own roots, Islam.

—Professor Khurshid Ahmad

Khurshid Ahmad was born in 1932 in Delhi, India. It was a time of heightened debates and demonstrations over the position of Indian Muslims as members of a minority community in British India amid the much wider struggle for Indian self-government. By the time Professor Khurshid was born, Mahatma Gandhi had become the dominant figure in Indian politics, after more than a decade of campaigning for self-government from the British; his nonviolent movement became more important after the bloody Amritsar massacre of 1919 that saw British and Gurkha troops kill hundreds of peaceful and unarmed demonstrators protesting British forced conscription of Indian soldiers and the heavy war tax.

As part of his political activism, Mahatma Ghandi called for a new way of economics, or true economics, as he put it. His call was for economics that stands for social justice, or promotes the good of all equally including the weakest, and is indispensable for decent life.¹ But where Gandhi based this decent life on Hindu precepts of dharma (righteousness), artha (material wealth), kaam (happiness), and moksha (freedom from life), Indian Muslims were devoting their energies to establishing Islam as the foundation for their separation from predominantly Hindu India.²

Professor Khurshid grew up in this highly charged nationalist and Islamic revivalist atmosphere. He first received traditional Islamic schooling and then attended Anglo-Arabic Higher Secondary School, where he excelled academically. Stoked by the political overtones of the day, his pedigree and abilities as an activist and leader shone through from a very young age. A year before the partition of India, in 1946, he was elected president of the Children's League in Delhi. In this capacity at the age of 14, he regularly led demonstrations for Pakistan's independence. Following partition in 1947, his family emigrated, first to Lahore, then to Karachi. In 1949 he wrote his first article, on Pakistan's budget, which was published in the Muslim Economist.³

In that same year he made the decision which would prove to be the wellspring for his life's work: he became a member of the Islami Jamiat-e-Talaba, the autonomous students' organisation that draws its inspiration from the Islamic revivalist party Jama'at-e-Islami founded by Sayyid Abul A'la Mawdudi in 1941.

From early on Professor Khurshid looked to Muslim thinkers who were searching for a new interpretation of Islam suited to the modern context. In my youth I was groping in search of an ideology and a life mission. The choice was between socialism, which had glamour for the youth at that time, or going back to my own roots, Islam.

He further explained his early influences: It took about two years to discover that Islam should be my destiny. In this search I was influenced by Iqbal, Muhammad Asad and Mawdudi. But the most profound and all-embracing influence was that of Mawlana Mawdudi.

Early Influences: Muhammad Iqbal, Muhammad Asad, and Sayyid Abul A'la Mawdudi

Much of the drive and early impetus for Professor Khurshid's work was informed by the activism and influence of these three leading Muslim thinkers of the twentieth century. The overwhelming discourse of Islamic revivalists like Sayyid Abul A'la Mawdudi and Muhammad Iqbal was political. All three planted within the Muslim consciousness the notion that Islam provides a holistic solution to human life as faced in the modern era. This was the prevalent contemporary Indian Muslim perspective in the face of the two-pronged challenges: colonial occupation and the predominant Indian Hindu design for an independent India. Muslims in India were seeking to both oust their British colonial masters and establish an Islamic system they could live by.

The fourteen-year-old Khurshid Ahmad who led student demonstrations for the Muslims of India was very much influenced by Muhammad Iqbal. Iqbal (1876–1938) is far and away the predominant individual to have captured the minds and imaginations of Muslims in India-Pakistan.⁴ In his famous 1930 Allahabad Address, Iqbal advanced the idea for a separate land for the Muslims of India. (While Iqbal has been largely credited for the political vision of the separate nation-state for Indian Muslims, others argue for Chaudhari Rahmat Ali as the first to have coined the term Pakstan—a combination of Punjab, Afghan Province (North-West Frontier Province), Kashmir, Sind and Baluchistan—and enunciate a systematic plan for the formation of the Muslim nation-state.⁵)

Iqbal described Islam as a "social nizam" (social order) and argued that the religion was the best suited of all religions for the organisation of life, as it applied to every aspect of the life of the individual and society. He also called on the leaders in Europe, especially colonial Great Britain, to take a serious interest in Islam beyond culture and religion and to see it for its economic system that provides practical solutions to contemporary problems.⁶

Iqbal and Muhammad Asad knew each other well. In his 1954 autobiography The Road to Mecca, Muhammad Asad called Iqbal the great Muslim poet-philosopher and spiritual father of the Pakistan idea.⁷ The two met in Lahore when Muhammad Asad ventured there following his life-changing six-year sojourn in Saudi Arabia, from 1926 to 1932, during which time he converted to Islam. (See Chapter 3 on Prince Mohamed Al Faisal Al Saud for encounter between Muhammad Asad and the prince's late father King Faisal in Saudi Arabia.)

Muhammad Asad (1900–1992) was born Leopold Weiss, an Austrian Jewish convert to Islam famed for his travels and writing and his translation and exegesis of the Qur'an. His view on economics and Islam was that material prosperity is desirable, though not a goal in itself…. Islam does not admit to the existence of a conflict between the moral and the socio-economic requirements of our life.⁸ When he first met Iqbal in Lahore, Muhammad Asad was on his way farther east to eastern Turkistan (in Central Asia), China, and Indonesia. He never made it there. Iqbal persuaded him to remain in India to help elucidate the intellectual premises of the future Islamic state.⁹ According to Asad, both men agreed that this dream represented a way, indeed the only way, to a revival of all the dormant hopes of Islam, the creation of a political entity of people bound together not by common descent but by their common adherence to an ideology.¹⁰

Iqbal did not live to see the establishment of Pakistan in 1947. Muhammad Asad did, and upon the creation of the new land, he was called on by the government to organise and direct the Department of Islamic Reconstruction. He wrote that the department was to elaborate the ideological, Islamic concepts of statehood and community upon which the newly born political organisation might draw.¹¹ As a result of his contribution to the new state, Pakistani citizenship was conferred on him, and Muhammad Asad served as Pakistan's foreign minister before resigning as the country's Minister to the United Nations in 1952.

Operationalising Islam: Sayyid Abul A'la Mawdudi and Jama'at-e-Islami

Where Iqbal and Muhammad Asad captured the young Khurshid's imagination of an independent Muslim state and the need to revive Islam as a complete system of life, it was Sayyid Abul A'la Mawdudi's practical application of the religion that proved most attractive to Professor Khurshid. The professor explains that it was Mawlana Mawdudi's work that enabled him to have a clear understanding of Islam, its objectives, principles, norms, and the changes it wants to bring about in human thought and society. Professor Khurshid says, It was in this context that Mawlana Mawdudi's ideas on economics had profound impact on my thinking.

Mawlana Mawdudi (1903–1979) has often been said to be against the separation of Muslim Pakistan from India, a point that Professor Khurshid strenuously dispels. Mawdudi, according to Professor Khurshid, was not active in politics during the Pakistan movement, which largely fell between the years 1940 to 1947. During this time Jama'at-e-Islami, which was founded in 1941, worked as an ideological movement, not as a political party. Mawdudi, says Professor Khurshid, supported the Two Nation Theory and was one of the most effective critics of the concept of territorial nationalism expounded by Congress and nationalist Muslims. Mawdudi expounded the concept that Muslims are a nation based on faith and not territory, i.e., his vision was pan-Islamic in nature. Although Mawdudi did not participate in the Pakistan movement (a fact that perhaps contributed to later narratives reporting his alleged opposition to separation), he publicly stated his vote for Pakistan when the plan for Partition was announced in June 1947.

Mawlana Mawdudi migrated to Pakistan following partition. He was a friend of Professor Khurshid's father and was a regular visitor to the family home in Lahore. A prolific writer, Mawdudi produced over 120 books and articles primarily on the contemporary application of Islam. His major contribution lies in his magnus opus, Tafhim al-Qur'an, an exegesis of the Qur'an, in which he presented the Book's relevance to everyday problems. The Tafhim took him more than 30 years to complete.

Mawdudi set up Jama'at-e-Islami in 1941 and devoted his life to articulating how Islamic revivalism could be brought about in political, social, cultural, and economic arenas. He attempted to make the religion more operational to mobilise the masses. Mawdudi's ideas were said to have profoundly influenced Sayyid Qutb, a leading member of Egypt's Al Ikhwan Al Muslimun in the middle of the twentieth century.¹² On the Indian subcontinent, Mawdudi has been hailed as the person who established the economics of Islam as a separate branch of knowledge.¹³ However he is far better known for his brand of political Islam as spread through his writings and Jama'at-e-Islami.

By its own description, Jama'at-e-Islami is an ideological party¹⁴ that stands for complete Islam¹⁵ and whose mission, according to Article 4 of the party's constitution, is the establishment of Divine Order or the Islamic way of life¹⁶ in its entirety, in individual and collective life, and whether it pertains to prayers or fasting, Haj or Zakat, socio-economic or political issues of life.¹⁷

From its ideological roots, Jama'at-e-Islami moved into a more political phase when Mawdudi decided that the party would participate in Pakistan's 1958 national elections¹⁸ but the party did not gain much political success until 1977 with the arrival of General Zia ul-Haq in a military coup that overthrew Prime Minister Zulfikar Ali Bhutto. With Zia initially supportive of Jama'at-e-Islami and the Mawlana himself, there were hopes from the party for a complete Islamisation of Pakistan. When Zia finally held national elections in 1985, Jama'at-e-Islami won only 10 of the 68 seats it contested in the National Assembly and 13 of the 102 for various provincial assemblies.¹⁹ With Jama'at-e-Islami proving to be less of a force than expected on the national stage, Zia's support for the party waned. Although Jama'at-e-Islami did not become the force in politics it had hoped to be it nevertheless continued to have an influence in Pakistani politics.²⁰ Outside its rank and file, sympathisers and supporters, the party has many critics both at home and abroad especially for its