Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), met with respected Islamic scholar Mufti Taqi Usmani. The meeting came after Mufti Usmani issued a fatwa declaring cryptocurrency trading as haram (not allowed) under Shariah law.
Bilal described the discussion as constructive and positive. Both leaders agreed on the most important goal: protecting Pakistani citizens from fraud, exploitation, and financial losses in the digital world.
Bilal explained that technologies like blockchain, digital assets, stablecoins, and tokenized real-world assets are complex. He said they need careful study from both technical and Shariah points of view. Not all digital assets should be seen the same way.
The fatwa from Darul Uloom Karachi, signed by Mufti Usmani and other scholars, states that cryptocurrencies do not fully meet the Islamic definition of wealth or property. It covers Bitcoin, Ethereum, stablecoins like USDT, and similar tokens.
Bilal called for more open dialogue between religious scholars, regulators, and industry experts. He believes this will help Pakistan create balanced rules for new financial technologies that respect Islamic principles while supporting innovation and economic growth.
