KARACHI: Maulana Muhammad Bashir Farooq Qadri, founder and chairman of Saylani Welfare International, has said that his position regarding cryptocurrency is already clear and he had issued a fatwa regarding its validity 13 months ago.
He said that the said fatwa has also been sent to the Council of Islamic Ideology, State Bank of Pakistan and the relevant ministry.
Following the ongoing discussion and reports on cryptocurrency in the media, an emergency meeting was held at Saylani Welfare’s head office in Karachi, which was chaired by Maulana Muhammad Bashir Farooq Qadri.
Experts associated with blockchain technology, religious scholars and Raees Mufti Mufti Waseem Akhtar Al-Madani also attended the meeting.
During the meeting, the Sharia, economic and technical aspects of cryptocurrency were reviewed in detail, while various opinions regarding its legitimacy or illegitimacy were also discussed. The participants also discussed the growing importance of digital assets in the modern financial system and global trends.
Addressing the meeting, Maulana Bashir Farooq Qadri said that in his opinion, cryptocurrency is permissible according to Sharia principles and the fatwa issued in this regard is still valid today. Instead of creating unnecessary ambiguity, this issue should be discussed on scientific and technical grounds.
He added that Saylani Welfare always respects state policy and country’s laws. According to him, if the government and relevant institutions formulate any regulation or policy regarding cryptocurrency, Saylani will act accordingly.
Maulana Bashir Farooq Qadri said that financial transactions are being made in many countries of the world through cryptocurrency and blockchain technology, therefore, Pakistan should also adopt a comprehensive policy keeping in mind modern technology and global financial trends.
However, there are opinions of various scholars and experts on the Sharia and legal aspects of cryptocurrency, the final regulatory policy in this regard lies with the relevant state institutions.
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