Recently, Pakistan's leading Urdu newspaper Roznama Ummat published a four-part series of articles in which Dr. Mubashir Husain Rehmani, a Pakistani professor of technology based in Ireland, advises an IT expert about how to create a halal cryptocurrency and make it acceptable to Pakistani investors.[1] The key point about these articles is how to make the new cryptocurrency halal in the eyes of religious people and get Islamic religious scholars to issue a fatwa supporting it.
The article, titled "Karachi Coin – A New Halal Cryptocurrency?" is written by Dr. Mubashir Husain Rehmani, a professor of computer science at the Munster Technological University of Ireland. Rehmani, who comes from Pakistan, specializes in computer networking, wireless communications, and blockchain technology.
A screenshot of Dr. Mubashir Husain Rehmani's article
Rehmani explains aspects of the cryptocurrency market through an imaginary dialogue between two friends: Adnan and Ahsan. It appears that Ahsan is an IT expert and Adnan is Dr. Rehmani himself. Ahsan begins by asking how to create a cryptocurrency that he wants to call Karachi Coin. Adnan (i.e., Dr. Rehmani) explains how to create a new cryptocurrency, whose imaginary creator is named "Hamid" for the purpose of the conversation, and describes the steps of coding or using Bitcoin's code, mining, and ledger as well as managing demand and supply in Pakistan's religious society.
The professor tells Ahsan that 27 countries from the European Union and other developed nations are advising their citizens to be cautious about investing in cryptocurrencies. The participants of the dialogue realize that Pakistan's religious organizations could pose a challenge to the adoption of Karachi Coin. Ahsan asks: "Could the biggest obstacle to Karachi Coin come from religious circles?"
Adnan (Dr. Rehmani) advises: "For this, the following tactics can be used. First, the word 'halal' will be used with Karachi Coin as a marketing weapon so that people can be won over." He further says: "Our representatives will be sent to muftis [Islamic experts who deliver fatwas] and dar-ul-iftas [Islamic institutes where muftis are] and questions will be asked in such a way that muftis do not become aware of the reality of Karachi Coin and its image will be presented in such a manner and questions will be framed in the following ways: Do you want to get rid of the international economy, usury, and banking system? Do you want to get freedom from the IMF and World Bank? Do you want freedom from economic the control of America and Europe? Nobody who will say 'No.'"
Toward the end of the article, Rehmani lists the advantages of Karachi Coin:
1. "We are bringing the Karachi Coin cryptocurrency in opposition to current usury-based banking system."
2. "Our cryptocurrency will not be under anybody's monopoly."
3. "We will bring into existence an independent currency through this cryptocurrency."
4. "This cryptocurrency will be present instinctively [in people's consciousness]."
5. "Through this, wealth will be distributed equally."
6. "This instrument can be used as a means of exchange, i.e., money; and goods and can be purchased through this."
7. "People can also use it for investment."
"Despite this," Rehmani observes, "whenever the muftis research Karachi Coin, they will not deliver fatwas in its favor." To resolve this likely problem, the writer recommends that Hamid, the imaginary creator of Karachi Coin, befriend computer scientists who will try to convince muftis to issue fatwas in favor of Karachi Coin. Even though the muftis will not issue a fatwa, the real purpose will be achieved when the idea of Karachi Coin reaches people's consciousness, says the writer. He also advises in favor of influencing muftis who are active on social media so that they invest in Karachi Coin and possibly issue a fatwa to support its spread.
[1] Roznama Ummat (Pakistan), September 20, 21, 22, & 23, 2022.
