KARACHI: Saylani Welfare International Trust Chairman Maulana Muhammad Bashir Farooqi Qadri has reiterated his view that cryptocurrency is permissible under Islamic principles, saying that he issued a fatwa on the matter 13 months ago.
The statement came after media reports regarding cryptocurrency prompted an emergency meeting at the Saylani head office to review the organization’s position on digital currencies.
The meeting was chaired by Maulana Bashir Farooqi and attended by blockchain experts as well as Chief Mufti Mufti Waseem Akhtar Madani, who participated in discussions on the religious and technical aspects of cryptocurrencies.
According to Saylani, the participants revisited the debate over whether cryptocurrency should be considered permissible or impermissible under Islamic law.
Speaking after the meeting, Maulana Bashir Farooqi said that Saylani’s position remains unchanged.
“We declared cryptocurrency permissible 13 months ago and had already issued a fatwa on the matter,” he said.
He added that the fatwa had been forwarded to the Council of Islamic Ideology (CII), the State Bank of Pakistan (SBP), and the relevant government ministry for consideration.
Maulana Bashir Farooqi also stated that Saylani supports the state’s policy regarding digital assets and noted that a number of countries around the world have already adopted or are using cryptocurrencies for financial transactions.
“Saylani stands with the state’s policy because many countries across the world are conducting transactions using cryptocurrency,” he said.
The meeting was convened in the wake of renewed public discussion surrounding the religious and legal status of cryptocurrencies in Pakistan.
The issue has been the subject of differing scholarly opinions in recent years. While some Islamic scholars consider certain forms of cryptocurrency permissible under specific conditions, others have expressed reservations or declared them impermissible because of concerns related to speculation, uncertainty, volatility, and the absence of intrinsic value.
Earlier, comments and opinions attributed to prominent Islamic scholar Mufti Muhammad Taqi Usmani regarding cryptocurrency also drew public attention, reflecting the continuing debate among religious scholars over the issue.
Pakistan has not yet introduced a comprehensive legal framework governing cryptocurrencies, although discussions on digital assets and blockchain technology have continued among regulators, policymakers, and financial institutions.
The statements made by Maulana Bashir Farooqi represent his scholarly opinion and that of Saylani Welfare. They do not constitute an official religious ruling binding on all Muslims, and Islamic scholars continue to hold differing views on the permissibility of cryptocurrencies. Likewise, the legal and regulatory status of cryptocurrencies in Pakistan remains subject to government policy and applicable laws.
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