Maulana Bashir Farooq reaffirms cryptocurrency permissibility, citing earlier religious ruling

Saylani Welfare Chairman Maulana Muhammad Bashir Farooq Qadri has stated that cryptocurrency is permissible, adding that a religious ruling (fatwa) in this regard was issued 13 months ago.

Following media reports regarding cryptocurrency, an emergency meeting was held at the Saylani Head Office, chaired by the organisation’s Founder and Chairman, Maulana Muhammad Bashir Farooq Qadri.

The meeting was attended by blockchain experts as well as Rais-ul-Mufti Mufti Waseem Akhtar Al-Madani. During the session, the matter of whether cryptocurrency is permissible or impermissible under Islamic principles was reviewed in detail.

Speaking on the occasion, Maulana Bashir Farooq Qadri reiterated that cryptocurrency is permissible and said that the relevant fatwa had already been issued 13 months earlier.

He added that the ruling had been shared with the Council of Islamic Ideology, the State Bank of Pakistan, and the concerned ministry.

He further stated that Saylani supports the government’s policy direction, noting that several countries around the world are already conducting transactions through cryptocurrency.

Earlier, renowned Islamic scholar Mufti Muhammad Taqi Usmani issued a fresh religious ruling (fatwa) declaring the buying and selling of cryptocurrencies to be impermissible (haram) under Islamic law, stating that digital assets do not qualify as wealth or property according to Islamic jurisprudence.