The Chairman Shariah Advisory Board of the Bank Islamic Mufti Irshad Ahmad Ijaz observed that the level of research is always above the level of law so scholars should continue to present their research on their respective subjects.

 

He said that digital currency is not a fictitious currency. It is a reality and in my personal opinion it should be justified under certain conditions and the government should play a positive role in this regard so that the confusion of the youth could be removed.

 

He was addressing a seminar on “Technical and Shariah Status of Digital / Cryptocurrency” jointly organized by the Department of Usool Uddin of the University Karachi and Al-Asr Foundation at the University of Karachi.

 

Speaking on the occasion, Dr Ishaq Alam of the Department of Usool Uddin said that in this age of mechanization, the world is fast moving towards a digital system. Therefore, in such a case, the scholars should realize the new problems of the society so that the people can be guided by Shariah.

 

Meanwhile, Mufti Owais Paracha, a crypto expert, said that cryptocurrency originated with bitcoin, which was developed in 2009 by an unknown programmer, Satoshi Nakamoto. There have been many attempts before but all failed.

 

He shared that Nakamoto made it invincible by incorporating cryptography and the techniques of previous currencies. This currency works on the blockchain, which is a technology in which data is recorded in the form of blocks and a copy is sent to all the connected computers through the P2P network.

 

Mufti Owais Paracha said that every transaction is verified by a third party called a ‘minor’. He explained that after every verification a new bitcoin is created and given to the minor. This process continued after bitcoin and many currencies emerged. Then there are blockchains that could run smart contracts. These are software that does not require an administrator to run.

 

Maulana Fazal Subhan, Director of the Al-Asr Foundation in his talk on the aims and objectives of Al-Asr, said that whenever the country is in need only the youth of madrassas and universities are seen at the forefront. This is what Al-Asr Foundation wants.

 

“Provide a platform for mutual respect, exchange of views and sciences and arts with mutual understanding and enable these young people to play their full positive role in building and developing this country with a new vision, courage, and determination.”

 

He said that opinions are researched, reasoned, and in accordance with the pulse of the times. These are the primary objectives of the establishment of the age.

 

The Chairman Karachi University Business School Dr Danish Ahmed Siddiqui said that the use of corrupt currency is now becoming common in the world, what is going to happen in this regard in the future can be considered now, as it becomes the necessity of the world. He mentioned that only scholars can give their opinion on it and guide people correctly.

 

Dr Farrukh Habib the co-founder Alif Technologies Dubai briefed the audience about the types of cryptocurrencies, their characteristics, and their uses, highlighting their legal status around the world.

 

He clarified the views of global regulations and various regulatory authorities on corrupt currencies and talked about the types, uses, laws, and regulations of corrupt currencies that can affect their legal status around the world.

 

The Dean Faculty of Islamic Studies Professor Dr Zahid Ali Zahidi, Professor Dr Nasir-ud-Din, Professor Dr Obaid Ahmad Khan, and others were also present on this occasion.

Author

Arshad Yousafzai is a Karachi-based journalist covering Education and Human Rights. He can be reached on Twitter @Arshadyousafzay

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