Maulana Bashir Farooq Says Cryptocurrency Is Permissible Under Islamic Ruling

Saylani Welfare chairman Maulana Muhammad Bashir Farooq Qadri has reaffirmed a fatwa issued 13 months ago declaring cryptocurrency permissible under Islamic law, following renewed media coverage of the digital asset’s religious status in Pakistan. An emergency session at Saylani’s Karachi head office, chaired by Qadri, brought together blockchain specialists and senior religious scholar Mufti Waseem Akhtar Al-Madani to revisit the question.

The ruling itself isn’t new — Qadri said the fatwa was issued over a year ago and has already been forwarded to the Council of Islamic Ideology, the State Bank of Pakistan, and the relevant federal ministry. The renewed session appears aimed at reasserting that position amid fresh public debate, rather than establishing a new stance.

Qadri’s argument rests partly on global precedent, noting that numerous countries around the world already conduct transactions in cryptocurrency — a point he used to frame Pakistan’s engagement with digital assets as consistent with international financial trends rather than a fringe practice. He added that Saylani’s position aligns with state policy on the matter.

That framing arrives at a notable moment for Pakistan’s cryptocurrency landscape. The country has moved in fits and starts on digital asset regulation, with the State Bank and federal government previously taking a more restrictive stance before recent years brought signs of a more accommodating regulatory approach, including discussions around a formal crypto framework.

The question of cryptocurrency’s permissibility under Islamic law remains genuinely contested among religious scholars globally, with some arguing digital currencies lack the tangible backing traditionally required in Islamic finance, while others — including apparently Qadri and the scholars at this session — view blockchain-based assets as compatible with existing principles once speculative and interest-based elements are addressed. This division means Saylani’s fatwa represents one position within an ongoing scholarly debate rather than a settled consensus.

For Pakistani investors and fintech companies operating in the crypto space, religious rulings like this carry real practical weight, since perceived Islamic permissibility often shapes public willingness to engage with financial products in a market where religious considerations heavily influence consumer behavior.

Whether this reaffirmation shifts broader public or regulatory sentiment remains to be seen. The fatwa’s forwarding to state institutions suggests Saylani is positioning itself to influence Pakistan’s eventual regulatory framework, but formal policy will likely depend more on State Bank and Council of Islamic Ideology deliberations than on any single religious body’s ruling.