KARACHI: Prominent cryptocurrency advocate and TV host Waqar Zaka has publicly called on Islamic scholar Mufti Muhammad Taqi Usmani and his institution to disclose which crypto experts they consulted before declaring digital currencies impermissible under Islamic law, reigniting debate over the religious status of crypto trading in Pakistan.
In a video message posted on social media, Zaka said he meant “no disrespect or sarcasm” toward Mufti Usmani, whom he saluted, but stressed that transparency was needed on the research behind recent fatwas.
To respected @muftitaqiusmani pic.twitter.com/fAAtwY2ibp
— Waqar Zaka (@ZakaWaqar) July 12, 2026
“I’m requesting just one thing: post on your website or anywhere which crypto experts you emailed, WhatsApped, called to your office, or spoke to on Zoom,” Zaka said. “Did anyone contact me? I was given the title of ‘crypto expert’ by the Government of Pakistan in 2019. My WhatsApp number is available.”
He added that other experts he contacted claimed they had never been approached by the scholars issuing rulings. “So who did you find qualified to explain what cryptocurrency is?”
Zaka argued that fatwas are often based on how the question is framed. “The person asking the mufti is usually uninformed. He asks, ‘is future trading haram, is leverage haram, is funding rate haram?’ So 99% of the time it sounds haram. I’m not blaming any mufti or maulana.”
Zaka suggested that scholars may have relied heavily on input from traditional banking institutions.
He noted Mufti Usmani’s work with the State Bank of Pakistan and commercial banks, alleging banks are “globally against crypto” because digital assets threaten their business model.
“It’s like a postman never saying mail should stop,” Zaka said. “Banks will never want your mobile to become your bank and everything to run transparently. Printing presses, note printing, bank manager jobs would end. Why would they want crypto?”
He asked the institution to name any bankers consulted and clarify whether any independent crypto technologists were included in the process.
Background: Fatwa sparks new debate
Mufti Muhammad Taqi Usmani, a leading Shariah scholar in Islamic finance, has previously stated that currencies are “a medium of exchange, and making them a tradable commodity for profit earning is against the philosophy of Islamic economics.”
He described Bitcoin as “just an imaginary number… purchased for Gharar or Speculations and used in illegal or unlawful transactions.”
The question of whether cryptocurrency is halal or haram remains contested among Islamic scholars globally. Some rulings cite lack of legal tender status, excessive uncertainty (gharar), and speculation as reasons for prohibition. Others argue that not all crypto should be banned outright, with scholars like Rakaan Kayali contending that absence of government backing alone does not make it haram.
In Indonesia, both Muhammadiyah and Nahdlatul Ulama have declared cryptocurrencies haram, citing gharar, maisir (gambling), and lack of state sanction.
Egypt’s Grand Mufti Shawki Allam issued a similar fatwa in 2018, saying Bitcoin is “forbidden in Sharia as it causes harm to individuals, groups and institutions” and likening crypto trading to gambling.
Interestingly, Pakistan’s own regulatory stance remains cautious.
The State Bank of Pakistan warned in 2018 that virtual currencies are “prime conduits for money laundering and illicit finance” due to their decentralized nature.
Despite the launch of the Pakistan Crypto Council in March 2025, Dawn noted that “critical regulatory and enforcement gaps remain” in the country’s AML/CFT frameworks.
Call for tech-focused sermons
Beyond the fatwa, Zaka proposed institutionalized dialogue between religious scholars and technologists. As chairman of Technology Movement Pakistan, he said he is “always available” for monthly Zoom calls with ulema to discuss AI and emerging technologies.
He urged that Friday sermons and religious lessons promote scientific achievement: “Chand pe sab se pehle azan Musalman de” — Muslims should be first to call the azan on the moon or Mars. He called for fatwas encouraging 100% scholarships for Pakistani Muslims at Oxford, MIT, Harvard and Cambridge, and pushing research toward Nobel Prizes.
“If we want to compete with others, we have to move ahead in education and research,” he said. “Technology should be made common in every dars, every khutba.”
No official response yet
At the time of filing, there was no public response from Mufti Taqi Usmani’s office or Darul Uloom Karachi regarding Zaka’s questions.
