Darul Uloom Karachi President and Federation of Arab Schools President Mufti Muhammad Taqi Usmani has issued a detailed fatwa declaring that the buying and selling of cryptocurrencies is not permissible under Islamic Shariah.
According to the fatwa, cryptocurrency does not meet the Islamic definition of "property" (maal) or a valid asset that can be traded. It states that, based on the research and opinions of experts available so far, cryptocurrencies merely represent entries of fictitious numbers in digital accounts rather than tangible or Shariah-recognised property.
Mufti Taqi Usmani said that because cryptocurrencies do not fulfil the conditions required for ownership under Islamic law, their purchase and sale cannot be regarded as valid or lawful transactions.
The fatwa further states that it is not permissible to purchase goods or conduct transactions using cryptocurrencies, regardless of whether they are in the form of Bitcoin, USDT (Tether), stablecoins or other crypto tokens.
It adds that all digital assets marketed under different names—including virtual currencies, crypto tokens and stablecoins—fall within the same category and are therefore subject to the same Shariah ruling.
The scholars who issued the fatwa argued that these digital assets fail to satisfy the requirements of valid ownership and property under Islamic jurisprudence, making cryptocurrency trading impermissible from a Shariah perspective.
The ruling reflects Mufti Taqi Usmani's interpretation of Islamic commercial principles and adds to the ongoing global debate among Islamic scholars regarding the religious status of cryptocurrencies.
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