Bilal bin Saqib, Chairman of Pakistan Virtual Assets Regulatory Authority, called for continued dialogue on the position of digital assets in Islamic law after his meeting with leading Islamic scholar Mufti Taqi Usmani. The meeting covered blockchain technology, digital assets, stablecoins and tokenized real-world assets.
Religious evaluation and technical review are on the agenda at the same time
Bilal bin Saqib stated that digital assets should not be evaluated within a single framework and said that each category requires separate technical review and a strict sharia evaluation. Saqib noted that protecting users in Pakistan against the risks of fraud, abuse and financial loss was among the main topics of the meeting.
Mufti Taqi Usmani is among the influential names in Pakistan and international Islamic finance circles. Usmani’s evaluations are important in terms of the public’s approach to crypto assets in Pakistan, where religious sensitivities are high.
Bilal bin Saqib emphasized that blockchain, digital assets, stablecoins and tokenized real-world assets have different technologies and usage areas, so they should not all be viewed the same.
Objection raised against purchases made with crypto
According to Pakistani newspaper Dawn, five other scholars, along with Mufti Taqi Usmani, signed the Islamic legal opinion published by Karachi-based Jamia Darul Uloom. In the said opinion, it was argued that transactions made with crypto assets, including stablecoins such as USDT, are not permissible.
In this evaluation, the view that digital tokens do not qualify as property or wealth recognized in Islamic law within the framework of the relevant interpretation came to the fore. Saqib did not directly reject this approach; Instead, he expressed the need for a more comprehensive consultation process among scholars, regulators and industry representatives.
It was reported that purchases made with crypto assets were not deemed appropriate, based on the interpretation that digital tokens are not considered goods or wealth.
The goal of a regulated market intersects with the quest for social acceptance
The discussion coincided with Pakistan taking steps to establish a licensed virtual asset market after years of restrictions. With the Virtual Assets Act 2026 passed in March, the Pakistan Virtual Assets Regulatory Authority became the legal authority responsible for licensing and supervision.
On April 15, the Central Bank of Pakistan allowed banks to open accounts for virtual asset service providers licensed by PVARA. This ends the eight-year restriction on regulated institutions from dealing in crypto assets.
According to the 2023 census in Pakistan, 231.7 million people, that is, 96.35% of the population, were registered as Muslims. Therefore, the approach of religious authorities may play a decisive role in the social acceptance of the new crypto framework.
