KARACHI: Saylani Welfare International Trust Chairman Maulana Muhammad Bashir Farooq Qadri has reiterated that cryptocurrency is permissible under Islamic principles, stating that he had already issued a religious ruling (fatwa) supporting its use approximately 13 months ago.
The statement came after recent media reports reignited debate over the religious and legal status of cryptocurrencies in Pakistan. In response, Saylani Welfare convened an emergency meeting at its head office in Karachi to review the issue and discuss the latest developments surrounding digital assets and blockchain technology.
The meeting was chaired by Maulana Bashir Farooq Qadri and attended by blockchain experts as well as leading Islamic scholars, including Raees-ul-Mufti Mufti Waseem Akhtar Madani. Participants examined the arguments for and against cryptocurrency from both Islamic jurisprudence and technological perspectives, reviewing earlier scholarly discussions in light of evolving global financial trends.
Addressing the meeting, Maulana Bashir Farooq stated that Saylani Welfare had already conducted detailed research before issuing its fatwa more than a year ago. According to him, the organization concluded that cryptocurrency can be considered permissible when used within lawful and transparent financial frameworks and in compliance with Islamic principles.
He explained that the fatwa had not been issued hastily but followed extensive consultations with scholars and experts familiar with blockchain technology and digital finance. The ruling, he said, was based on a careful examination of the nature of cryptocurrencies, their practical applications, and their compatibility with Islamic financial principles.
Maulana Bashir Farooq further revealed that the fatwa had been formally sent to the Council of Islamic Ideology (CII), the State Bank of Pakistan (SBP), and the relevant government ministry for consideration. He noted that Saylani Welfare had fulfilled its responsibility by presenting its scholarly opinion to the appropriate institutions responsible for policy-making and financial regulation.
He emphasized that Saylani Welfare stands with the policies adopted by the state and supports regulatory oversight of emerging financial technologies. At the same time, he pointed out that many countries around the world have already embraced cryptocurrency and blockchain-based financial systems, allowing individuals and businesses to conduct transactions using digital assets.
According to Maulana Bashir Farooq, the increasing global adoption of cryptocurrency demonstrates that digital currencies have become an important part of the modern financial ecosystem. He argued that Islamic scholars should continue examining technological innovations with an open mind while ensuring that financial activities remain free from prohibited elements such as fraud, deception, and exploitation.
The emergency meeting also included discussions on blockchain technology, the decentralized system that powers most cryptocurrencies. Experts participating in the session reportedly explained how blockchain provides secure, transparent, and verifiable records of transactions, making it one of the fastest-growing technologies in the global digital economy.
Participants stressed the importance of distinguishing between blockchain technology itself and speculative or fraudulent investment schemes that may misuse the popularity of cryptocurrencies. They observed that while blockchain has numerous legitimate applications, investors should remain cautious of scams and unauthorized platforms operating without regulatory approval.
The renewed discussion comes at a time when cryptocurrency continues to generate significant debate across Pakistan. While digital assets have gained widespread acceptance in many parts of the world, their legal, regulatory, and religious status remains under discussion among policymakers, financial institutions, and Islamic scholars.
Recently, differing scholarly opinions on cryptocurrency have attracted public attention. Some scholars have expressed reservations due to concerns about excessive volatility, speculation, and regulatory uncertainty, while others believe that cryptocurrencies may be permissible if they are used responsibly, possess recognized value, and operate within lawful and transparent systems.
Financial regulators have also been evaluating how digital assets should be governed. Around the world, governments have adopted different approaches, with some countries fully regulating cryptocurrency markets, others imposing restrictions, and several developing comprehensive legal frameworks to oversee digital asset transactions.
Supporters of cryptocurrency argue that blockchain-based financial systems can promote innovation, financial inclusion, and faster cross-border payments while reducing dependence on traditional banking infrastructure. Critics, however, continue to warn about market volatility, cyber risks, money laundering concerns, and the need for stronger consumer protections.
During the Saylani meeting, participants agreed that technological developments require continuous scholarly review so that religious guidance remains relevant in an evolving financial landscape. They emphasized that any future policies should balance innovation with effective regulation and public awareness.
Maulana Bashir Farooq concluded by reaffirming that Saylani Welfare’s position has remained unchanged since the issuance of its fatwa 13 months ago. He said the organization supports responsible adoption of cryptocurrency in accordance with Islamic principles and within the framework established by Pakistani authorities, while recognizing that the final regulatory decisions rest with the competent state institutions.
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