Chairman Bilal bin Saqib of the Pakistan Virtual Assets Regulatory Authority (PVARA) met with Mufti Taqi Usmani on Saturday to discuss digital assets [1].
The meeting represents a critical step in determining whether cryptocurrencies and other digital tokens can be legally and ethically integrated into the Islamic financial system. Because Shariah law governs the financial behavior of millions, the endorsement or rejection of these assets by top scholars can dictate the adoption rates of blockchain technology in the region.
The two leaders engaged in what was described as a "constructive discussion" regarding the ongoing debate over the Shariah status of digital assets [1]. The dialogue focused on the tension between traditional Islamic finance prohibitions, such as gharar (excessive uncertainty) and maysir (gambling), and the technical architecture of decentralized ledgers.
Saqib said digital asset policy should follow Islamic principles while embracing emerging technologies [1]. He emphasized the need for a regulatory framework that protects investors without stifling the innovation inherent in the virtual asset space.
Mufti Taqi Usmani is widely regarded as one of the most influential authorities on Islamic jurisprudence and finance globally. His perspective on the legitimacy of digital assets is often viewed as a benchmark for other Shariah boards and regulatory bodies across the Muslim world.
The meeting occurred as the PVARA continues to refine its approach to the oversight of virtual assets. By consulting with religious scholars, the authority aims to create a policy that is both technologically viable and culturally acceptable to the public [1].
“Saqib says digital asset policy should follow Islamic principles while embracing emerging technologies.”
This engagement signals that Pakistan is attempting to bridge the gap between modern financial technology and religious law. If the PVARA can secure a Shariah-compliant framework, it could unlock significant institutional investment and mainstream the use of digital assets in a market where religious compliance is a primary driver of economic behavior.
