Hafizi Isma'ilism was a branch of Musta'li Isma'ilism that emerged as a result of a split in 1132. The Hafizis accepted the Fatimid caliph Abd al-Majid al-Hafiz li-Din Allah and his successors as imams, while the rival Tayyibi branch rejected them as usurpers, favouring the succession of the imamate along the line of al-Hafiz's nephew, al-Tayyib.

The Musta‘lī are a branch of Isma'ilism named for their acceptance of al-Musta'li as the legitimate nineteenth Fatimid caliph and legitimate successor to his father, al-Mustansir Billah. In contrast, the Nizari—the other living branch of Ismailism, presently led by Aga Khan IV—believe the nineteenth caliph was al-Musta'li's elder brother, Nizar. Isma'ilism is a branch of Shia Islam.