Bilal bin Saqib reaches across the madrassa: "Let's keep talking crypto and Shariah

Pakistan Virtual Assets Regulatory Authority chairman Bilal bin Saqib has called for continued dialogue with Islamic scholars on the treatment of digital assets under Shariah law, following a meeting with prominent scholar Mufti Taqi Usmani who backed a ruling against crypto-based purchases. According to Pakistani newspaper Dawn, Usmani and five other scholars signed an Islamic legal ruling issued by Jamia Darul Uloom Karachi on Friday stating that purchases made with cryptocurrency, including stablecoins such as USDT, were not permitted because digital tokens did not qualify as recognized property or wealth under their interpretation of Islamic law.

In a Saturday post, Saqib said the discussion covered blockchain technology, digital assets, stablecoins and tokenized real-world assets (RWAs), as well as the need to protect Pakistanis from fraud, exploitation and financial harm. "I shared that blockchain, digital assets, stablecoins, and tokenized real-world assets represent a broad spectrum of technologies and use cases," he said, adding that the different categories of digital assets merit "careful technical assessment alongside rigorous Shariah examination, rather than being viewed through a single lens." Saqib did not directly contest the scholars' claim and instead urged scholars, regulators and industry participants to keep engaging on distinctions between asset categories.

The exchange highlights tension between Pakistan's push to build a regulated crypto market and religious objections that could shape public acceptance. Religious views could carry significant weight in Pakistan, where about 231.7 million people, or 96.35% of the population, identified as Muslim in the 2023 census.

The discussion comes as Pakistan shifts from years of restrictions toward a licensed virtual-asset sector. On April 15, the State Bank of Pakistan allowed banks to open accounts for virtual asset service providers (VASPs) licensed by the PVARA, ending an eight-year restriction on regulated institutions dealing with crypto. The move followed passage of Pakistan's Virtual Assets Act 2026 in March, which established PVARA as the statutory body responsible for licensing and oversight of virtual asset activities.