Pakistan’s Top Mufti Declares Crypto Trading Haram

Pakistan’s leading Islamic scholar, Mufti Muhammad Taqi Usmani, has issued a new religious ruling (fatwa) declaring cryptocurrency trading impermissible (haram) under Islamic law.

The fatwa, issued in June 2026, was shared online by scholars affiliated with Darul Uloom Karachi. According to the announcement, the ruling covers cryptocurrencies, crypto tokens, and stablecoins.

The fatwa concludes that cryptocurrencies do not meet the Islamic definition of wealth or property. As a result, buying and selling them is considered impermissible.

The announcement specifically states:

Cryptocurrency is not considered wealth. Whether it is a crypto token or a stablecoin such as USDT, buying it is not permissible.

It further explains that different names, such as cryptocurrency, virtual currency, token, and stablecoin, all refer to the same category of digital assets. Therefore, the ruling applies equally to all of them.

The announcement clarifies that simply changing the terminology does not change the religious ruling.

The fatwa states:

Cryptocurrency is known by different names, including virtual currency, token, and stablecoin. In all these forms, cryptocurrency is not considered wealth, and therefore it is not permissible.

This means the fatwa extends beyond popular cryptocurrencies such as Bitcoin and Ethereum to include blockchain-based tokens and stablecoins like USDT.

The fatwa was issued under the supervision of Darul Uloom Karachi and carries endorsements from several religious scholars, according to the documents shared in the announcement.

While the fatwa represents a religious opinion rather than a state law, it may influence how many Muslims view cryptocurrency trading and investment.