Saqib and Mufti Usmani Hold Constructive Dialogue on Digital Assets
Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has called for a careful technical and Shariah-based assessment of digital assets following a recent fatwa by renowned Islamic scholar Mufti Taqi Usmani declaring cryptocurrency purchases impermissible under Islamic law .
In a statement after meeting the scholar, Saqib said on X that he held a “constructive discussion” with Mufti Usmani on digital assets and the ongoing debate over their status under Islamic law. Both sides agreed on one central objective: protecting Pakistanis from fraud, exploitation, and financial loss .
Saqib emphasized that blockchain, digital assets, stablecoins, and tokenised real-world assets represent a broad spectrum of technologies requiring deeper examination. He maintained these instruments should not be judged through a single lens but assessed through both technical expertise and rigorous Shariah scrutiny .
“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,” Saqib stated .
The Fatwa: Cryptocurrency Not Recognised as Wealth
Mufti Taqi Usmani declared the purchase of goods and digital services through cryptocurrency impermissible under Islamic law. The fatwa, issued by Darul Ifta, Jamia Darul Uloom Karachi, on June 10, 2026, was signed by Mufti Usmani and five other prominent scholars .
The ruling states that, according to research and expert opinion available so far, cryptocurrency does not qualify as “maal” (wealth) in Shariah. Instead, it describes crypto as “the recording of fictitious numbers in an account,” whether in the form of USDT or other crypto tokens .
On this basis, the scholars ruled that a buyer using cryptocurrency does not legally become the owner of purchased items under Islamic law. The fatwa advises that books bought through cryptocurrency must be returned to the seller, while digital courses purchased with crypto should neither be used nor shared, and course files should be deleted from devices .
