Pakistan crypto chief holds 'constructive' talks with cleric on Shariah compliance

Bilal bin Saqib, chairman of Pakistan's Virtual Assets Regulatory Authority (PVARA), described his discussion with renowned religious scholar Mufti Taqi Usmani as "constructive." The meeting focused on the Shariah status of digital assets, a topic recently highlighted by a religious decree from Mufti Usmani and other scholars that declared purchasing goods with cryptocurrency "impermissible."

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We are united on one fundamental objective: protecting Pakistanis from fraud, exploitation, and financial harm.

The decree, issued by Darul Ifta, Jamia Darululoom in Karachi, stated that cryptocurrency is not considered 'maal' (wealth) in Sharia, but rather "merely the recording of fictitious numbers in an account." Consequently, transactions involving such assets were deemed invalid. This ruling has significant implications for Pakistan's burgeoning digital asset sector, which Saqib has been actively promoting.

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blockchain, digital assets, stablecoins, and tokenised real-world assets represent a broad spectrum of technologies and use cases. As such, they merit careful technical assessment alongside rigorous Shariah examination, rather than being viewed through a single lens.

Saqib emphasized a shared objective with Mufti Usmani: protecting Pakistanis from fraud and financial harm. He presented digital assets, blockchain, and tokenized real-world assets as a broad spectrum of technologies requiring careful technical and Shariah assessment. Saqib expressed his anticipation for continued dialogue among scholars, regulators, and industry experts to ensure Pakistan's approach to these evolving technologies is guided by both Islamic principles and a comprehensive understanding of their complexities.

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As this field continues to evolve, I look forward to continued engagement between respected scholars, regulators, and industry experts so that Pakistan’s approach is guided by both Islamic principles and a comprehensive understanding of emerging technologies.