ISLAMABAD: Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib said he held a constructive and productive meeting with Mufti Muhammad Taqi Usmani to discuss digital assets and the ongoing debate over their status under Islamic law.
In a statement posted on X, Bilal Bin Saqib said both sides shared a common objective: protecting the people of Pakistan from fraud, exploitation, and financial loss.
Today, I had a constructive discussion with Mufti Taqi Usmani Sahib on digital assets and the ongoing conversation around their Shariah status.
We are united on one fundamental objective: protecting Pakistanis from fraud, exploitation, and financial harm.
I shared that…
— Bilal bin Saqib MBE (@Bilalbinsaqib) July 11, 2026
He said the discussion focused on ensuring that emerging financial technologies are assessed responsibly within both technical and Shariah frameworks.
Bilal said he explained that blockchain technology, digital assets, stablecoins, and tokenized real-world assets represent a broad range of technologies and should not be treated as a single category.
Instead, he said, each should undergo detailed technical evaluation alongside a comprehensive Shariah review.
He added that, as the sector continues to evolve, there should be sustained dialogue among religious scholars, regulators, and industry experts so that Pakistan’s policies are developed in line with Islamic principles while reflecting a sound understanding of emerging technologies.
The meeting came days after Mufti Taqi Usmani’s religious ruling on cryptocurrency drew widespread attention.
According to the fatwa, based on research and expert opinions available to him, cryptocurrencies do not qualify as “wealth” (mal) under Islamic jurisprudence but are instead entries of virtual numbers in accounts.
He also stated that purchasing goods using cryptocurrencies, including stablecoins such as USDT or other crypto tokens, is not permissible under his interpretation of Islamic law.
More read, Mufti Taqi Usmani issues fatwa against crypto-based purchases
Mufti Taqi Usmani’s son, Hassan Usmani, confirmed that the widely circulated fatwa on cryptocurrency was issued by the senior scholar.
