Senior Pakistani Islamic scholar Mufti Muneeb-ur-Rehman recently said in an interview that he has not given a clear ruling on cryptocurrency, while gold trading is also wrong.
Responding to a question on Islamic investments, Mufti Muneeb said Muslims should invest only in businesses that are free from prohibited activities like alcohol, pork, narcotics and other impermissible trades.
He added that because modern financial markets are complex, scholars apply Shariah screening criteria to identify investments that are compliant with Islamic principles.
The scholar also clarified his stance on gold trading and called it wrong.
Mufti Muneeb didn’t issue a definitive religious verdict declaring cryptocurrency either permissible or impermissible.
Earlier, Mufti Muhammad Taqi Usmani issued a detailed fatwa declaring cryptocurrency trading and purchases impermissible under Islamic law in their current form. He said cryptocurrencies, tokens and stablecoins do not meet the Shariah definition of wealth (maal), making their trading and use for payments impermissible.
Following the fatwa, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib met Mufti Taqi Usmani to discuss digital assets. After the meeting, Bilal said blockchain-based assets should not all be treated the same and deserve separate technical and Shariah evaluations instead of a single blanket ruling.
Mufti Muneeb’s resurfaced comments have now added another perspective to the country’s ongoing debate over the religious status and regulation of digital assets.
The discussion is evolving, but the role of non-fiat financial assets still remains unclear.
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Misleading heading and looks ill intentions by the writer/publisher