ISLAMABAD: Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has said he held a constructive and productive meeting with renowned Islamic scholar Mufti Muhammad Taqi Usmani to discuss digital assets and their status under Islamic law.
In a statement posted on X, Bilal Bin Saqib said both he and Mufti Taqi Usmani shared a common objective of protecting the Pakistani public from fraud, exploitation, and financial loss.
During the meeting, Bilal Bin Saqib said he explained that blockchain technology, digital assets, stablecoins, and tokenized real-world assets represent a broad and diverse technological ecosystem. He argued that these technologies should not be assessed through a single lens, but rather through a detailed technical evaluation alongside a comprehensive Shariah review.
He added that, given the rapidly evolving nature of the sector, continuous consultation between religious scholars, regulatory authorities, and industry experts is essential to ensure that Pakistan’s policy framework is developed in accordance with both Islamic principles and a sound understanding of emerging technologies.
The meeting comes days after Mufti Muhammad Taqi Usmani, President of Wifaq-ul-Madaris Al-Arabia Pakistan and head of Darul Uloom Karachi, issued a religious ruling (fatwa) on cryptocurrencies.
According to the fatwa, based on the research and opinions of experts available to date, cryptocurrencies do not qualify as “wealth” (maal) under Islamic jurisprudence and instead represent merely digital entries or numerical records in electronic accounts.
Mufti Taqi Usmani further stated that purchasing goods through cryptocurrencies, including USDT (Tether) or other crypto tokens, is not permissible under Islamic law.
His son, Hasan Usmani, also confirmed to media that the fatwa circulating on social media was authentic and had been issued by Mufti Muhammad Taqi Usmani.
