Pakistan, July 12 -- THE meeting between Pakistan's crypto czar and Mufti Taqi Usmani has placed a difficult question squarely before policymakers: how does a state bring digital assets into formal finance when one of the country's most influential religious scholars remains unconvinced of their religious and economic standing? Bilal bin Saqib has described his discussion with the senior scholar on the Shariah status of digital assets as "constructive".

A recent fatwa has declared crypto-based purchases impermissible, describing cryptocurrency as the recording of "fictitious numbers" rather than recognised wealth. In a country where Islamic finance is part of the banking mainstream, such objections carry weight. Public confidence in any ...