what will we gain by accepting israel? oh, so you people expect economic growth? and you think israel will support you building up your defense? What good have you done to israel that you expect such gratitude from them? Israel has been supporting india in all aspects, it is no more a hidden truth, hmmm, so you think by accepting Israel we can match india now? their supporter will become our supporter as well... wow, is it Israel or a welfare institution? having said that, let me put forth the reasons why it is not acceptable for Muslims/Pakistan to accept Israel: First of all, the issue of Palestinian muslims. Secondly, the issue of masjid al-aqsa. Thirdly, if Pakistan can be threatened by israel that it would attack Pakistan if it went as far as simply testing its nuclear capabilities (which shows Israel's negativity for Pakistan, but no, if we accept israel it will help us build our defense?), I would not agree that today Pakistan go and accept a country which threatened our motherland's security for no good reason.
One more thing, there was a gentleman who mentioned that why have we accepted India if we are not ready to accept Israel. Well, my dear, Pakistan came into existence when India broke up, it would be silly to say that Pakistan does not accept india as a state, as Mount Batton had divided india into India and Pakistan simultaneously so please do not make evasive statements.