Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has held a meeting with renowned Islamic scholar Mufti Muhammad Taqi Usmani to discuss digital assets and their status under Islamic law.
Bilal Bin Saqib described the discussion as constructive and productive. He said both sides shared a common goal of protecting Pakistani citizens from fraud, exploitation, and financial risks linked to emerging financial technologies.
Discussion on Blockchain Technology and Digital Assets
During the meeting, Bilal Bin Saqib explained that blockchain technology, digital assets, stablecoins, and tokenized real-world assets form a diverse technological ecosystem.
He said these technologies require detailed analysis instead of a single approach. According to him, experts should evaluate digital assets through technical research and comprehensive Shariah reviews.
The PVARA chairman emphasized that the digital asset sector continues to evolve rapidly. Therefore, regular discussions between religious scholars, regulators, and industry experts are necessary.
He added that continuous consultation can help Pakistan create policies that align with Islamic principles while also understanding modern technological developments.
Mufti Taqi Usmani Issues Cryptocurrency Ruling
The meeting took place shortly after Mufti Muhammad Taqi Usmani issued a religious ruling regarding cryptocurrencies. Mufti Taqi Usmani serves as the President of Wifaq-ul-Madaris Al-Arabia Pakistan and heads Darul Uloom Karachi.
According to the ruling, cryptocurrencies do not qualify as “wealth” (maal) under Islamic jurisprudence based on current research and expert opinions.
The ruling stated that cryptocurrencies represent digital records or numerical entries stored in electronic accounts rather than recognized forms of wealth under Islamic law.
Pakistan Explores Digital Asset Regulations
The discussion highlights Pakistan’s ongoing efforts to understand and regulate digital assets. As blockchain-based technologies continue to expand globally, authorities are examining their potential benefits and challenges.
PVARA aims to develop a regulatory framework that addresses financial risks while supporting innovation. Moreover, cooperation between technology experts and religious scholars could help create clearer guidelines for digital assets in Pakistan.
The consultation between Bilal Bin Saqib and Mufti Taqi Usmani reflects the growing need for balanced discussions around technology, finance, and Islamic principles. As digital assets continue to evolve, further dialogue is expected to shape Pakistan’s future approach toward the sector.
