A seminar on digital currencies was held in Pakistan

Muslims are on the path to accepting cryptocurrency

01.03.2022 - 15:15

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1 min

What’s new? A seminar on “Technical and Shariah Status of Digital / Cryptocurrency” was held in Pakistan where the Chairman Shariah Advisory Board of the Bank Islamic Mufti Irshad Ahmad Ijaz spoke. The Islamic scholar said that cryptocurrency is not a fictitious currency and should be recognized if certain conditions are met. The speaker urged his colleagues to conduct research on crypto-economics and share their findings. According to him, the government of Pakistan should help develop the cryptocurrency industry.

Academia’s material

Who took part in the seminar? Dr. Ishaq Alam said that in the age of technology, the world is rapidly moving towards a digital system. He believes that it is the task of scientists to conduct research on digital currencies.

Dr. Farrukh Habib, the co-founder Alif Technologies Dubai, spoke to the audience about the types of cryptocurrencies, their characteristics, and how they can be used, highlighting their legal status in the world.

Also present at the event were the Dean Faculty of Islamic Studies Professor Dr. Zahid Ali Zahidi, the Chairman Karachi University Business School Dr. Danish Ahmed Siddiqui, the Director of the Al-Asr Foundation Maulana Fazal Subhan, and others.

What preceded it? The Muslim Spiritual Directorate has recognized cryptocurrencies as a sin because they are similar to gambling. Digital currency is often used to defraud users, contrary to basic Shariah principles.

In November 2021, the National Ulema Council of Indonesia has banned Muslims from using bitcoin and other cryptocurrencies throughout the country.

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