KARACHI: Saylani Welfare International Trust Chairman Maulana Muhammad Bashir Farooq Qadri has reiterated that cryptocurrency is permissible (jaiz) under his organization’s religious opinion, stating that a fatwa supporting its permissibility was issued 13 months ago.

His remarks came during an emergency meeting held at Saylani’s head office following recent media reports regarding the religious status of cryptocurrencies.

The meeting was chaired by Maulana Bashir Farooq Qadri, founder and chairman of Saylani Welfare, and attended by blockchain experts as well as Chief Mufti Mufti Waseem Akhtar Madani.

Review of Religious Opinion

According to Saylani, participants reviewed the issue of whether cryptocurrencies should be considered permissible or impermissible under Islamic principles.

Speaking after the meeting, Maulana Bashir Farooq said the organization’s position had already been established more than a year ago.

“We declared cryptocurrency permissible 13 months ago and issued a fatwa accordingly,” he said.

He added 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.

Alignment With State Policy

Maulana Bashir Farooq also said that Saylani supports the state’s policy regarding cryptocurrency and digital assets.

He noted that many countries around the world now allow cryptocurrency transactions, describing the technology as an increasingly accepted part of the global financial system.

“Saylani stands with the state’s policy because many countries are conducting financial transactions through cryptocurrencies,” he said.

Ongoing Religious Debate

The issue of cryptocurrency remains the subject of differing scholarly opinions within the Islamic world.

While some scholars consider certain forms of cryptocurrency permissible under specific conditions, others have raised concerns regarding volatility, speculation, regulatory uncertainty, and compliance with Islamic financial principles.

The remarks by Maulana Bashir Farooq represent the religious opinion adopted by Saylani Welfare and come amid continuing public discussion on the Islamic and legal status of digital currencies in Pakistan.

Pakistan’s regulatory framework regarding cryptocurrency continues to evolve, and official policies are determined by the relevant government authorities and financial regulators.