Saylani Welfare Chairman Maulana Muhammad Bashir Farooq Qadri has once again said that cryptocurrency is permissible under Islamic law. He shared that he issued a fatwa supporting cryptocurrency around 13 months ago.
Speaking at an emergency meeting held at Saylani Welfare’s head office, Maulana Bashir Farooq said the fatwa was officially sent to the Council of Islamic Ideology (CII), the State Bank of Pakistan (SBP), and the relevant government ministry.
He explained that the purpose of the meeting was to discuss cryptocurrency again in light of its growing importance and increasing use around the world.
The meeting was attended by blockchain experts, technology professionals, and religious scholars. Participants discussed different aspects of digital currencies, including how they work, their benefits, and whether they comply with Islamic principles. The discussion focused on providing a better understanding of cryptocurrency and addressing concerns about its use.
Maulana Bashir Farooq said that, in his view, cryptocurrency is in line with Islamic teachings and should not be considered forbidden. He added that digital currencies are also consistent with current government policy and are becoming an important part of the global financial system.
He further noted that many countries already use cryptocurrencies and other digital assets for different types of financial transactions. According to him, the increasing global acceptance of digital currencies shows that they are becoming a recognized form of financial technology.
The discussion comes as Pakistan continues to explore the future of digital finance and cryptocurrency regulation. Supporters believe clear policies and regulations can encourage innovation while ensuring transparency and protecting users.
The topic remains under discussion among policymakers, financial experts, and religious scholars as the country considers the role of digital assets in its financial system.
