After Taqi Usmani’s crypto fatwa, Bilal Bin Saqib calls for wider Shariah, technical review

WEB DESK: Following Mufti Taqi Usmani’s fatwa against the use of cryptocurrency, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has called for a careful technical and Shariah-based assessment of digital assets, saying Pakistan’s approach must protect citizens from fraud and financial harm while also taking account of emerging technologies.

In a statement after meeting the renowned Islamic scholar, Saqib said on X that he had held a constructive discussion with Mufti Usmani on digital assets and the continuing debate over their status under Islamic law.

He said both sides agreed on one central objective, that of protecting Pakistanis from fraud, exploitation and financial loss.

The meeting came amid renewed public debate after Mufti Usmani declared the use of cryptocurrency for purchases impermissible, arguing that crypto did not meet the required standards of wealth under Islamic jurisprudence.

Saqib said blockchain, digital assets, stablecoins and tokenised real-world assets represented a broad range of technologies and use cases, and therefore required deeper examination.

He maintained that these instruments should not be judged through a single lens, but assessed through both technical expertise and rigorous Shariah scrutiny.

“As this field continues to evolve, I look forward to continued engagement between respected scholars, regulators and industry experts,” Saqib said.

He added that Pakistan’s policy direction should be guided by Islamic principles as well as a comprehensive understanding of new financial technologies.

The ‘fatwa’

Mufti Taqi Usmani had declared the purchase of goods and digital services through cryptocurrency impermissible under Islamic law. According to Dawn, the fatwa, issued by Darul Ifta, Jamia Darul Uloom Karachi, on 24 Zilhaj 1447 AH, corresponding to June 10, 2026, was signed by Mufti Usmani and five other prominent scholars. It responded to questions about buying books and educational courses using cryptocurrency, including USDT and other crypto tokens.

The fatwa stated that, according to research and expert opinion available so far, cryptocurrency does not qualify as “maal”, or wealth, in Shariah. Instead, it described crypto as the recording of fictitious numbers in an account. On that basis, the scholars ruled that a buyer using cryptocurrency does not legally become the owner of the purchased item under Islamic law.

The fatwa said books bought through cryptocurrency must be returned to the seller and cannot be used or resold. In the case of a digital course purchased with crypto, it said the transaction was invalid and the buyer should neither use nor share the material. It further advised that course files be deleted from devices and storage.