ABSTRACT

THE ISLAMIZATION OF THE FINANCIAL SECTOR WITHIN THE OVERALL ISLAMIZATION DRIVE (1) The pronounced official endeavour to Islamize Pakistani society started in July 1977, following General Zia's coup d'etat. (2) In the field of economics, it took until December 1978 for the first measures to be announced: Zakat and Ushr were to be installed as governmental institutions. (3) General Zia at the same time remarked that there was still much to be done in the field of economics in connection with the Islamization of the country. (4) Thus the December 1978 address may be regarded as an announcement of the intention to Islamize the economy. The concept of how exactly such an intention should materialize took quite some time to develop, as can be observed when looking for any hints about the forthcoming Islamization of the economy in a number of government publications. The five-year plan 1978-83 refrains from any remark whatsoever in this regard. Other regular government publications such as the Pakistan Economic Survey, took until their 1982-83 edition to devote an entire chapter to the matter. Even on auspicious occasions on which one would have certainly hoped to gain new clues about what to expect, General Zia in his speeches did not ease the uncertainty. Neither the inauguration of the Islamic Chamber of Commerce and Industry in Karachi (5) nor the 'Address to the nation on Pakistan's ideological basis' (6) revealed details on what was to come. Rather than appearing in regular publications and official speeches, the preparations for chalking out the new system became evident in the work of different committees, councils, panels, and task force groups.