Pakistan Crypto Council CEO Bilal Bin Saqib met with renowned Islamic scholar Mufti Muhammad Taqi Usmani for a detailed discussion on cryptocurrency after the scholar recently issued a fatwa declaring most cryptocurrencies impermissible (haram) under Islamic law. The meeting focused on understanding the religious concerns surrounding digital assets while exploring ways to align future financial innovation with Islamic principles.
Bilal Bin Saqib described the discussion as constructive and respectful, emphasizing the importance of engaging with leading Islamic scholars on emerging financial technologies. He noted that the rapid growth of blockchain and digital finance requires thoughtful dialogue to ensure innovation develops within an ethical and Shariah-compliant framework.
During the meeting, both sides exchanged views on the opportunities and challenges presented by cryptocurrencies. Topics included market speculation, transparency, asset backing, consumer protection, and the role of regulation in reducing financial risks. The conversation also highlighted the need for greater public awareness about the distinction between speculative crypto trading and the broader applications of blockchain technology.
Mufti Taqi Usmani reiterated his concerns regarding the speculative nature of most cryptocurrencies and the uncertainty surrounding many digital assets. However, he also acknowledged the importance of continued research and scholarly engagement as financial technologies continue to evolve.
Bilal Bin Saqib stressed that Pakistan has significant potential to benefit from blockchain-based innovation, provided appropriate regulatory safeguards and Shariah guidance are in place. He added that collaboration between policymakers, technology experts, and religious scholars would be essential in shaping a responsible digital economy.
The meeting concluded on a positive note, with both sides agreeing that continued dialogue is necessary to address complex financial issues in the digital age. The discussion reflects Pakistan’s growing efforts to balance technological advancement with religious and ethical considerations as interest in cryptocurrency and blockchain continues to expand.
