Saylani Welfare International Trust has reiterated its stance on cryptocurrency amid renewed public discussion over digital assets.
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The organization stated that the Saylani cryptocurrency fatwa had been issued 13 months ago by its Dar-ul-Ifta. An emergency meeting was later held to review the detailed religious ruling regarding cryptocurrencies and other digital assets.
The meeting was chaired by Saylani’s Founder and Chairman, Maulana Muhammad Bashir Farooq Qadri. Leading blockchain experts and Saylani’s Head Mufti, Mufti Wasim Akhtar Al-Madani, attended the session.
Participants reviewed the ongoing debate over whether cryptocurrency is permissible or impermissible under Islamic law.
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Saylani’s cryptocurrency fatwa is based on extensive research using the Holy Quran, Hadith, and the jurisprudential teachings of Imam Ahmad Raza Khan.
The 37-page ruling declares transactions involving cryptocurrency permissible under specified conditions. Mufti Wasim Akhtar Al-Madani stated that digital assets fulfil the juristic definition of a legally recognized right.
The fatwa explains that digital units remain under the exclusive ownership and control of their lawful holder. No other person can interfere with or exercise authority over them without permission. This principle fully applies to cryptocurrency under the juristic definition of a recognized right.
The meeting clarified that cryptocurrency may be bought and sold in countries where transactions are not prohibited by law.
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The possibility of crypto being used for illegal activities does not make every transaction impermissible. The relevant consideration is whether the intended use is lawful and free from fraud, gambling, or money laundering.
Saylani has forwarded the detailed fatwa to the Council of Islamic Ideology, the State Bank of Pakistan, and the relevant federal ministry.
The government has been urged to consult scholars from all schools of thought before reaching a final decision. Saylani stated it would abide by whatever decision the government reaches.
