KARACHI: Minister of State for Digital Assets Bilal bin Saqib has called for continued engagement between religious scholars, policymakers and industry experts following a ruling by prominent Islamic scholar Mufti Muhammad Taqi Usmani that declared purchasing goods through cryptocurrency impermissible under Shariah.
In his post on X on Saturday, Bilal bin Saqib, who is also chairperson of the Pakistan Virtual Assets Regulatory Authority (PVARA), said that he held a discussion with Mufti Usmani on digital assets and the ongoing debate over their Shariah status.
Saqib said both sides shared the objective of protecting Pakistanis from fraud, exploitation and financial risks associated with emerging financial technologies.
He said blockchain, digital assets, stablecoins and tokenised real-world assets represent a broad range of technologies and applications that require separate technical assessments alongside detailed Shariah evaluations, rather than being considered under a single category.
“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 said his post.
The comments follow a ruling by Mufti Usmani, president of Wifaq-ul-Madaris Al-Arabia Pakistan and Darul Uloom Karachi, who said the use of cryptocurrency for purchasing goods was not permissible under Islamic law.
The fatwa was issued in response to a question asking whether purchases made using cryptocurrency were valid under Islamic law.
Pakistan has been moving towards establishing a regulatory framework for virtual assets since 2025 after years of uncertainty, establishing a dedicated virtual assets regulator and shifting
away from the banking restrictions introduced in 2018.
Per official sources, the country has approximately 40 million crypto users.
