Islamabad, July 12: Pakistan Virtual Assets Regulatory Authority Chairman Bilal Bin Saqib has called on ulema to conduct a comprehensive Sharia review of cryptocurrencies, blockchain technologies and other digital assets as the country develops its regulatory approach to virtual finance.
The call followed Saqib’s meeting with prominent Islamic scholar Mufti Taqi Usmani, where discussions focused on emerging financial technologies, their Sharia status and the need to protect people from fraud, exploitation and financial losses.
In a statement posted on X, Saqib said he and Mufti Taqi Usmani agreed on a fundamental objective: safeguarding the public from deceptive financial practices and avoidable financial harm.
The discussions come as the Pakistan Virtual Assets Regulatory Authority works to develop oversight of the country’s rapidly evolving virtual assets sector.
Why Digital Assets Need Separate Sharia Assessment
Saqib said blockchain, cryptocurrencies, stablecoins and tokenised real-world assets should not be treated as a single category because they differ in technology, structure and financial use.
He said each type of digital asset should be examined separately from both technical and Sharia perspectives before any conclusion is reached about its permissibility.
According to Saqib, a comprehensive review could help distinguish between different technologies and financial products while identifying risks linked to fraud, exploitation and financial losses.
He said Pakistan’s approach to digital finance should be based on a clear understanding of Islamic principles and the rapidly changing nature of emerging technologies.
Ulema, Regulators and Industry Experts Urged to Continue Dialogue
Saqib called for continued consultation among ulema, regulatory institutions and industry experts as blockchain-based technologies and digital financial products continue to evolve.
He said regular dialogue would help ensure that policies covering cryptocurrencies, stablecoins and tokenised assets are informed by technical expertise as well as Sharia principles.
The PVARA chairman said cooperation between scholars, regulators and technology specialists would be essential in developing a policy framework that understands innovation while protecting the public from fraud, exploitation and financial harm.
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