Meeting Focuses on Shariah Compliance of Digital Assets
Pakistan Virtual Assets Regulatory Authority (Pvara) Chairman Bilal Bin Saqib held a constructive meeting with Mufti Muhammad Taqi Usmani to discuss digital assets and their Shariah status. Saqib emphasized the need for continued consultation among religious scholars, regulators, and industry experts as the sector evolves.
Shared Goal of Protecting Pakistanis
In a statement posted on X, Saqib said he and Mufti Usmani share a fundamental objective of protecting the people of Pakistan from fraud, exploitation, and financial loss. He presented the view that blockchain technology, digital assets, stablecoins, and tokenized assets backed by real-world assets represent a broad spectrum of technologies and should not be assessed through a single lens.
Need for Technical and Shariah Review
According to the authority chairman, these technologies require not only a detailed technical evaluation but also a comprehensive Shariah review in light of their distinct characteristics. Because the sector is evolving rapidly, Saqib hoped sustained consultation and dialogue would continue among respected religious scholars, relevant regulatory institutions, and industry experts so that Pakistan's policy framework could be developed on the basis of Islamic principles as well as a thorough understanding of emerging technologies.
Context of Mufti Usmani's Recent Fatwa
His statement comes days after Mufti Muhammad Taqi Usmani, president of Wifaq-ul-Madaris Al-Arabia and Darul Uloom Karachi, issued a fatwa regarding cryptocurrency. According to Mufti Taqi Usmani, the opinion of experts and research conducted so far indicate that cryptocurrency does not constitute 'maal' (property or wealth) in the Shariah sense, but is merely an entry of virtual numbers in an account.
