Shariah · updated 28 September 2026
What scholars say about crypto.
Crypto is a new question for Islamic law, and respected scholars disagree. Here is a fair summary of the main positions, with sources, so you can decide together with a scholar you trust. Barqish publishes research, not fatwas.
Pakistan: the latest
- June 2026: Mufti Muhammad Taqi Usmani and the Darul Ifta of Jamia Darul Uloom Karachi issued a fatwa that crypto, including USDT, is not wealth (maal) on the research available so far. Darul Uloom Karachi has said it is carrying out a wider review and has consulted outside experts. (Dawn, Business Recorder, Amanah)
- 2021 to 2024: Jamia Uloom Islamia Banuri Town issued fatwas that crypto trading and investing are not permissible, including crypto futures.
- Reported July 2026: a fatwa from Saylani Welfare Trust allows buying and selling crypto with conditions, including that it is lawful in the country.
- Council of Islamic Ideology: no published ruling as of 28 September 2026. PVARA, the regulator, has said each type of asset should be reviewed under Shariah. (Dawn)
Around the world
| Scholar or body | Year | Position | Summary |
|---|---|---|---|
| Mufti Muhammad Taqi Usmani and Darul Ifta, Jamia Darul Uloom Karachi Pakistan | 2026 | Impermissible | A fatwa signed in June 2026 holds that crypto, including USDT, is not wealth (maal) on the research available so far, so buying goods with it is not valid. Darul Uloom Karachi has said it is continuing a wider review. Dawn |
| Darul Ifta, Jamia Uloom Islamia Banuri Town Pakistan | 2021 to 2024 | Impermissible | Several fatwas state that crypto lacks the attributes of wealth or currency, so trading and investing in it are not permissible; a 2024 fatwa also forbids crypto futures. banuri.edu.pk |
| Saylani Welfare Trust (Mufti Wasim Akhtar Al-Madani) Pakistan | 2025 (reported 2026) | Permissible with conditions | Reported to allow buying and selling crypto as a recognised right, provided the law of the country does not prohibit it. The full text has not been published online. Daily Pakistan |
| Darul Uloom Deoband India | 2017 onwards | Impermissible | Describes bitcoin as an imaginary currency and says buying and selling it is not halal (reported through secondary sources). MEMRI |
| Dar al-Ifta Egypt | 2018 | Impermissible | Said trading bitcoin is impermissible because of excessive uncertainty, fraud risk and lack of state backing; later statements called for further study. Middle East Eye |
| Diyanet (Presidency of Religious Affairs) Turkey | 2017 | Impermissible for now | Said buying and selling was not appropriate at that point because of speculation, misuse and the lack of state oversight. Hürriyet Daily News |
| General Authority of Islamic Affairs and Endowments UAE | 2018 | Impermissible unless regulated | Found that bitcoin did not meet the criteria of a currency, adding that if authorities regulate and adopt it, it would take the ruling of official currencies. Wasel & Wasel |
| Majelis Ulama Indonesia (MUI) Indonesia | 2021 | Impermissible, with an exception | Haram as a currency and as a commodity because of gharar and harm, unless the asset has an underlying asset and clear benefit. CNBC Indonesia |
| International Islamic Fiqh Academy (OIC) International | 2019 | No ruling yet | Deferred a ruling on crypto, citing significant risks, and called for more research. IIFA |
| Shariah Advisory Council, Securities Commission Malaysia Malaysia | 2020 | Permissible with conditions | Recognises digital currency as wealth (maal) and allows trading on registered exchanges, with tokens assessed individually. Securities Commission |
| Fiqh Council of North America USA | 2019 | Permissible, with caution | Found the objections not strong enough to forbid bitcoin, applied the rules of riba and spot exchange, and urged great caution. FCNA |
| Mufti Faraz Adam (Amanah Advisors) UK | 2021 to 2022 | Permissible with conditions | Crypto with a lawful use can be wealth, but screening each asset is essential; meme coins, leverage and interest-based products are problems. Amanah Advisors |
| Shariyah Review Bureau Bahrain | 2019 | Permissible (certification) | Certified a regulated exchange’s spot buying, selling and custody of BTC, ETH and LTC as Shariah-compliant. National Law Review |
Where most scholars agree
- No futures, margin or leverage. Contracts that are not settled by delivery, and buying with interest-bearing loans, are widely held to be impermissible (IIFA Resolution 63).
- No short selling. You should not sell what you do not own.
- Exchange on the spot. Currency exchange should be settled immediately (IIFA Resolution 102).
- No gambling-style speculation. Both sides warn against hype-driven betting and excessive uncertainty.
- Every token is different. Scholars who permit crypto insist each asset is screened on its own merits.
- The law of the land matters. Several rulings depend on crypto being lawful and regulated where you live.
How Barqish uses this
Barqish’s Compliant, Questionable and Non-compliant labels follow the approach of scholars who allow crypto with conditions, such as the Securities Commission Malaysia’s Shariah Advisory Council, the Fiqh Council of North America and Mufti Faraz Adam. We check each coin for riba, gambling, excessive uncertainty, prohibited industries and real utility, and we only cover spot trading with your own money. If you follow a scholar or institution that considers all crypto impermissible, our labels do not override that ruling. None of the scholars listed here has reviewed or endorsed Barqish.
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See how each coin is screened
Coin screening →The reasoning for every coin, criterion by criterion.