Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal bin Saqib said on Saturday that digital assets should not be judged through a single lens after holding talks with Islamic scholar Mufti Muhammad Taqi Usmani on the Shariah status of blockchain-based technologies.
The meeting followed a fatwa issued by Darul Ifta, Jamia Darul Uloom, Karachi, dated 24 Zilhaj 1447 AH (June 10, 2026), which declared purchases made with cryptocurrency as impermissible.
The ruling was based on research by experts who found that cryptocurrency does not qualify as wealth under Shariah principles. Mufti Usmani, a former judge of the Federal Shariat Court, was joined by five other prominent scholars as signatories of the fatwa.
In a post on X following the meeting, Saqib said he held a constructive discussion with Mufti Usmani on digital assets and the ongoing debate around their Shariah status.
The State Minister said both sides were united on the fundamental objective of protecting the people of Pakistan from fraud, exploitation, and financial harm.
Saqib said he explained that blockchain, digital assets, stablecoins, and tokenised real world assets represent a broad spectrum of technologies and use cases.
Bilal bin Saqib said this range requires careful technical assessment alongside rigorous Shariah examination, rather than a single uniform judgement.
He added that as the field continues to evolve, he looks forward to continued engagement between scholars, regulators, and industry experts, so that the approach of Pakistan is guided by both Islamic principles and a comprehensive understanding of emerging technologies.
