Pakistan’s Virtual Assets Regulatory Authority (PVARA) is moving to bridge the gap between digital asset innovation and Islamic jurisprudence, following a meeting between its chairman and one of the world’s most influential Islamic finance scholars.
Bilal Bin Saqib, head of PVARA, confirmed on Saturday that he held a "constructive discussion" with Mufti Taqi Usmani regarding the Shariah status of various digital assets.
Saqib emphasized that these technologies "merit careful technical assessment alongside rigorous Shariah examination.
The dialogue focused on whether blockchain technology, stablecoins, and tokenized real-world assets can be reconciled with Islamic law.
Saqib emphasized that these technologies "merit careful technical assessment alongside rigorous Shariah examination." The regulator’s approach signals an intent to develop a compliance framework that respects religious principles while allowing for technological advancement in the financial sector.
The engagement comes against a backdrop of significant religious opposition to cryptocurrencies.
Mufti Taqi Usmani has previously issued a fatwa declaring the purchase of cryptocurrency impermissible under Islamic law, arguing that digital assets do not qualify as legitimate wealth (maal) under Sharia.