Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, met renowned Islamic scholar Mufti Muhammad Taqi Usmani to discuss digital assets following the scholar’s recent fatwa declaring cryptocurrency trading impermissible (haram) under Islamic law.
The meeting comes weeks after Mufti Taqi Usmani’s ruling sparked debate over the future of cryptocurrencies and other digital assets in Pakistan.
In a statement shared on X, Bilal Bin Saqib said both sides agreed on the importance of protecting Pakistanis from fraud, exploitation, and financial harm in the rapidly evolving digital asset sector.
During the meeting, Bilal explained that blockchain technology, digital assets, stablecoins, and tokenized real-world assets encompass a wide range of technologies and use cases and should not be treated as a single category.
He emphasized that emerging digital financial technologies require both detailed technical evaluation and comprehensive Shariah assessment before any final conclusions are reached.
Bilal also called for continued collaboration between Islamic scholars, regulators, and industry experts to ensure that Pakistan’s digital asset policies are guided by both Islamic principles and a sound understanding of technological developments.
The statement did not indicate any change to Mufti Taqi Usmani’s earlier fatwa, nor did it announce the issuance of a new religious ruling following the meeting.
