Connect with Zorays

Hi, what are you looking for?

Economy & Markets

Is Crypto Haram in Islam? Mufti Taqi Usmani’s Fatwa, Bitcoin, USDT and the Real Shariah Debate

Is crypto haram in Islam? A Pakistan-first analysis of Mufti Taqi Usmani’s fatwa, Bitcoin, USDT, fiat money, gharar, mal and modern Islamic finance today.

Pakistan digital finance agreement ceremony amid Mufti Taqi Usmani crypto haram debate over Bitcoin and stablecoins

Is USDT Haram?

The reported Darul Uloom-linked ruling includes stablecoins such as USDT within the impermissible category. The technical objection raised by critics is that USDT has a central issuer, a fiat peg and a disclosed reserve architecture, making it materially different from an unbacked decentralised cryptocurrency; Tether itself states that USD₮ is pegged one-to-one to the dollar and backed by reserves.

That technical difference does not independently establish halal status.

It does establish the need to explain why the difference is jurisprudentially irrelevant if a blanket ruling treats both identically.

Is Crypto Trading the Same as Gambling?

No technical system can answer that question without knowing what transaction is being performed.

Spot acquisition of an asset, leveraged perpetual futures, binary options, staking arrangements, token lending and a meme-coin pump are different contractual activities.

READ:   SLM Tyres IPO: Pakistan’s Market Just Proved Liquidity Was Never Missing, Credible Stories Were

Calling every one of them “crypto trading” is like using the word “finance” for buying a halal company’s shares, operating a casino and issuing an interest-bearing loan.

Classification comes first.

Ruling follows.

Is Paper Money Backed by Gold?

Modern fiat currency generally does not operate as a promise to redeem each note against a fixed quantity of gold. Its institutional role derives from a sovereign monetary and payment framework, including its status within the legal and financial system.

Therefore, please stop saying PKR is “backed by gold”.

Advertisement. Scroll to continue reading.

It is 2026.

Learn how modern money works before entering a monetary debate.

Pages: 1 2 3 4 5 6 7

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

World Affairs

Pakistan, Saudi Arabia and Türkiye’s Makkah defence pact creates collective deterrence—but its Article 51 limits and obligations demand scrutiny.

Society & Culture

I dislike Tabish Hashmi’s comedy, but evidence still does not prove Geo removed him over Kashmir. Here is what the public record actually shows...

Opinions

Bitget Wallet users report USDT cash-outs to Easypaisa and JazzCash, but licensing, exchange rates, account safety and PRC questions remain.

World Affairs

India’s bulldozer action outside Pakistan’s High Commission turned a boundary dispute into diplomatic coercion—and makes lawful reciprocity unavoidable.

World Affairs

Pakistan’s removal from Lloyd’s war-risk list could cut shipping costs, strengthen exports, and reset confidence in Karachi, Port Qasim and Gwadar ports.

Politics & Governance

Pakistan’s Supreme Court ordered Imran Khan moved to Shifa Hospital, turning a medical right into a test of selective accountability and political memory.

World Affairs

Sergio Gor called Kashmir part of India. Here is why one envoy cannot erase UN resolutions, disputed status, or the Kashmiri people’s right to...

Advertisement