Saylani Welfare Chairman Maulana Muhammad Bashir Farooq Qadri has said that cryptocurrency is permissible, stating that a related fatwa was issued 13 months ago.
The statement came after an emergency meeting was held at Saylani Head Office following media reports regarding the status of cryptocurrency. The meeting was chaired by Maulana Bashir Farooq Qadri and was attended by blockchain experts as well as Chief Mufti Mufti Waseem Akhtar Al-Madani.
During the meeting, participants reviewed the discussion surrounding whether cryptocurrency is permissible or not under Islamic principles.
Speaking after the meeting, Maulana Bashir Farooq Qadri said that Saylani had already issued a fatwa declaring cryptocurrency permissible 13 months earlier. He added that the decision had been shared with the Council of Islamic Ideology, State Bank of Pakistan and relevant government ministries.
He further said that Saylani supports the policies of the state, adding that several countries around the world are conducting transactions through cryptocurrency.
The discussion over the religious and legal status of digital currencies continues in various countries, with experts and institutions examining issues related to blockchain technology, financial regulations and Islamic principles.
Earlier, a fatwa issued by Pakistan’s leading Islamic scholar Mufti Taqi Usmani sparked new debate over cryptocurrencies. The ruling declares that trading cryptocurrencies, crypto tokens, and stablecoins is haram under Islamic law, arguing that these digital assets do not meet the Shariah definition of wealth or property.
The fatwa issued under supervision of Darul Uloom Karachi and circulated by scholars affiliated with the institution applies broadly to cryptocurrencies, blockchain-based crypto tokens, and stablecoins. He said cryptocurrencies do not fulfill Islamic definition of wealth or property. On that basis, the fatwa concludes that buying, selling, or trading these digital assets is not permissible from a Shariah perspective.
The ruling stated that cryptocurrencies are not recognized as wealth, regardless of whether they are crypto tokens or stablecoins such as USDT. As a result, transactions involving these assets are considered impermissible.
The fatwa also dismisses distinctions based on terminology, explaining that labels including “cryptocurrency,” “virtual currency,” “token,” and “stablecoin” all refer to the same category of digital assets. It emphasizes that changing the name of an asset does not change its religious status.
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