ISLAMABAD: Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib said he held a constructive and productive meeting with Mufti Muhammad Taqi Usmani to discuss digital assets and the ongoing debate surrounding their status under Islamic law.
In a statement posted on X, Bilal said both he and Mufti Taqi Usmani shared a common objective of protecting the people of Pakistan from fraud, exploitation and financial loss as the country develops its approach to emerging digital financial technologies.
During the meeting, Bilal said he emphasized that blockchain technology, digital assets, stablecoins and tokenized real-world assets represent a diverse range of technologies and should not be assessed through a single lens. Instead, he said, each category requires detailed technical analysis alongside a comprehensive Shariah evaluation.
He added that the digital asset ecosystem is evolving rapidly, making continuous consultation between Islamic scholars, regulators and industry experts essential to developing policies that are both consistent with Islamic principles and informed by a sound understanding of modern technologies.
The meeting followed the recent issuance of Mufti Taqi Usmani’s fatwa on cryptocurrency. According to the ruling, cryptocurrencies do not qualify as “wealth” (mal) under Islamic jurisprudence but are merely digital entries in accounts. The fatwa further states that purchasing goods with cryptocurrencies, including USDT and other crypto tokens, is not permissible under the scholar’s interpretation of Islamic law.
Hassan Usmani, the son of Mufti Taqi Usmani, confirmed that the widely circulated ruling on cryptocurrency was issued by the senior Islamic scholar.