A. Background (BG)

1. This refers to the related Important  BFIC320 of 26.8.25 in trail, blue, italic and double line about $25B Crypto Potential, High Risk, Hacking, Crypto Council & Shariah matters

2. We also refer to several Other QC including (a) BFIC 308 of 25.3.25 about Cryptocurrency is not as per Shariah - Top Level World renowned Expert (b) BFIC 98 of 30.6.21 about Crypto Currency Islamic Shariah & Legal Aspects (c) TLQC 3235 of 10.8.25 about PRAL closure in 6 months, Hacking & KC Recommendations (d) FRQC 316 of 5.8.25 about GENIUS Act versus Virtual Assets Ordinance,2025 = Crypto, Bitcoin, Betting, etc (e) BFIC 315 of 1.8.25 about Virtual Assets Ordinance 2025 and Crypto, Betting & Shariah History (f) TLQC 3086 of 18.4.25 about 9 Million Crypto users but no Tax Policy - FTO Recommended action (g) COQC 620 of 27.11.23 about Surrogate ads of Cryptocurrency & Betting and Shariah 

B. Multiplication and Top Level Expert views

1. General

Considering para C & prior to dealing in or involving in any type Crypto matters, it is worthwhile to watch the following videos in para 2 & 3, whereby the same is not advisable / Haram.

2. Shariah - Interesting detailed Talk Show

We would inform you about Video What are Bitcoin & Cryptocurrency and are these as per Shariah? Mufti Tariq Masood changed his Fatwa after Discussion with Top Level World accepted Expert (Attachment 308.1).

(a) Bitcoin is the name of the most recognized cryptocurrency

(b) A digital payment platform that eliminates the need to carry physical money

(c) Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments.

(d) Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network.

(e) Cryptocurrency is a significant issue globally, with millions earning and investing in it.

(g) Understanding blockchain technology is crucial for safe data management and transactions in the digital world.

(h) Cryptocurrency investments are gaining popularity globally, impacting traditional financial systems.

(i) Bitcoin was created in 2009 by an individual under the pseudonym Satoshi Nakamoto, leading to the birth of cryptocurrency, revolutionizing the financial landscape.

(j) Governments are cautious about official involvement due to potential risks and lack of control over digital currencies.

(k) Bitcoin and other cryptocurrencies are a relatively new phenomenon, and their use in an Islamic context is a subject of ongoing debate among Islamic scholars. 

(l) Most consider them impermissible (haram) due to their speculative nature and lack of intrinsic value. Please watch the video in this BFIC and 2 QCs in BG for more details.

(m) Conclusion as per the Top level expert & Mufti Tariq Masood is that it is not as per Shariah

3. Shariah – Other Short videos of several Muhtarram Muftian-e-Kirams

The question arises as to whether Crypto Currency is Haram or Halal in light of the Shariah. Regarding this issue, please review the fatwas and videos from Learned Muftian-e-Kiram:

(a) Mufti Muhammad Taqi Usmani Sahab opinion dated 10.5.21 regarding Crypto Currency Trading (Attachment 98.1) As the opinion does not have Darul Iftah Stamp, we have confirmed the same from a Mufti associated with Darul uloom Korangi;

(b) Mufti Taqi Usmani Sahab video dated 16.7.18 (click on the link and treat it as Attachment 98.2.);

(c) Mufti Ali Asghar Sahab opinion regarding Crypto Currency (click on the link and treat it as Attachment 98.3.); and

(d) Mufti Faraz Adam Sahab opinion regarding Crypto Currency (click on the link and treat it as Attachment 98.4.)

C. Legal & related aspects

As per the Express Tribune news (FIA) dated 20.5.21 has arrested a man suspected of defrauding a large number of people in Pakistan, India, Britain and UAE through a digital currency scam (click on the link and treat it as Attachment 98.5).

D. Updated Commentary

1. Further to KQU 3619, being an important matter, we would inform you about Pakistan Crypto, etc regulatory Authority (Attachment 339.1) in the ensuing paragraph, with emphasis in bold & Underline for quick reading.

2. Pakistan has approved an ordinance regulating cryptocurrencies and digital assets. The Virtual Assets Ordinance, 2025, which entered into force on 8.7.25, establishes a legal framework for regulating virtual assets and providers.

3. The regulation provides for creating the Pakistan Virtual Asset Regulatory Authority (PVARA) to monitor all crypto‑related activities. The PVARA’s responsibilities include licensing crypto‑related entities; implementing regulations; investigating suspicious transactions; consumer protection; and imposing fines, suspending operations or pursuing legal action against erring companies. Those involved in digital assets must obtain a PVARA licence, or face penalties.

4. The ordinance introduces a regulatory sandbox allowing firms to test blockchain and crypto solutions in a controlled environment. Regulators may issue “no‑action letters” to companies offering experimental services, giving temporary operational flexibility without risk of enforcement action. It also mandates establishing a Shariah Advisory Committee to assess whether virtual asset products and services adhere to Islamic principles, and calls for a Virtual Assets Appellate Tribunal to handle appeals challenging PVARA decisions. Although the ordinance is currently in effect, it must receive parliamentary approval within 120 days to become law.

E. Multiplication

Although all the Commentaries are to the extent of the Subscribed IDs only, however, your Goodself is allowed to share this QC is for the Noble Cause to Impart Knowledge for Here & Hereafter.

F. Further Details & Services

Should you require any clarification or explanations in respect of the above or otherwise, please feel free to email to any Darul – ul – Iftah to get Fatwa or meet any High Level Mufti who did Takwah / Expert in Islamic Finance & Economy with CC to info.kasbati@professional-excellence.com.

Best regards for Here & Hereafter

Asif S Kasbati (FCA, FCMA & LLB)