PVARA Chairman Bilal Bin Saqib met leading Islamic scholar Mufti Muhammad Taqi Usmani to discuss digital assets and emerging financial technologies. The meeting took place after the scholar’s recent ruling that cryptocurrency trading is not permissible under Islamic law.
The discussion comes at a time when digital assets are receiving growing attention in Pakistan. The recent fatwa on cryptocurrency trading sparked debate among regulators, technology experts, investors, and religious scholars.
According to Bilal Bin Saqib, both sides agreed that protecting the public from fraud, financial exploitation, and scams should remain a top priority. He shared details of the meeting through a post on X.
The PVARA Chairman explained that blockchain technology and digital assets include many different applications. He said these technologies should not be treated as one single category because each serves different purposes.
Bilal Bin Saqib also discussed stablecoins and tokenized real-world assets during the meeting. He explained that these technologies have different structures and practical uses compared to traditional cryptocurrencies.
The PVARA Chairman said every digital asset should be examined carefully before reaching conclusions about its status. He emphasized the need for both technical analysis and detailed Shariah review.
According to his statement, new financial technologies continue to evolve rapidly around the world. Because of this, each innovation requires separate evaluation instead of broad assumptions.
Bilal Bin Saqib stressed the importance of cooperation between religious scholars, regulators, and technology experts. He said such collaboration can help develop balanced policies for the future.
He added that Pakistan should continue discussions on emerging technologies while ensuring that Islamic principles remain an important part of the decision-making process. He believes informed dialogue can support responsible innovation.
The meeting followed Mufti Muhammad Taqi Usmani’s recent religious ruling declaring cryptocurrency trading impermissible under Islamic law. The fatwa generated significant discussion across Pakistan’s financial and technology sectors.
However, no announcement was made indicating any change to the scholar’s earlier religious opinion. The statement released after the meeting did not mention a revised fatwa or any new religious ruling regarding cryptocurrency trading.
Instead, the discussion focused on understanding different forms of digital assets and the importance of examining each technology separately. Officials believe that future developments should be based on detailed research and careful assessment.
Pakistan has shown increasing interest in digital finance and blockchain technology in recent years. At the same time, authorities continue to consider legal, financial, and religious aspects before introducing broader policies.
Industry experts believe blockchain technology has applications beyond cryptocurrencies. It can also support financial services, supply chain management, digital identity systems, and secure record keeping.
The PVARA Chairman said continued engagement between scholars, regulators, and industry professionals will be important as technology develops further. Such discussions can help create policies that protect consumers while supporting responsible innovation.
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The meeting highlights the growing importance of digital assets in Pakistan’s policy discussions. Although no changes were announced after the talks, both sides agreed on the need for careful evaluation, public protection, and continued dialogue as the digital economy continues to evolve.
