Pakistan’s Virtual Assets Regulatory Authority (PVARA) is seeking a formal religious ruling to differentiate between speculative cryptocurrencies and asset-backed digital tokens under Islamic law.
Chairman Bilal bin Saqib has approached Jamia Darul Uloom, a prominent Islamic seminary, to issue a fatwa that clarifies whether specific digital assets qualify as recognized wealth (maal) under Shariah principles.
Bin Saqib emphasized that determining whether a digital asset constitutes legitimate wealth is the central question for any Shariah-compliant framework.
The request targets a critical ambiguity in the current regulatory landscape.
While speculative crypto trading has faced significant religious and legal scrutiny, asset-backed tokens—those tied to real-world commodities or financial instruments—may hold different status.
Bin Saqib emphasized that determining whether a digital asset constitutes legitimate wealth is the central question for any Shariah-compliant framework.
This move follows a high-profile ruling by renowned Islamic scholar Mufti Taqi Usmani, who previously declared that purchasing goods with cryptocurrency is impermissible.