Bilal Bin Saqib, Pakistan’s Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority, delivered a keynote address at the 29th annual Harvard Islamic Finance Conference, held at Harvard University in Cambridge, Massachusetts. The event, organized by the Harvard University Muslim Alumni and the Harvard Islamic Society, was themed around global finance in transition, covering stability, pluralism, and the role of Islamic finance in the current financial landscape.
Saqib took part in a keynote session titled The Future of Blockchain and Islamic Finance, sharing the stage with Imran Sayeed, a Senior Lecturer at the MIT Sloan School of Management. The two examined how digital assets, regulatory innovation, and Shariah-compliant financial frameworks intersect, with Saqib connecting the intellectual legacy of the Islamic Golden Age to present-day technological capability. He proposed the idea of what he called a Golden Age 2.0, drawing a distinction between simply adopting technology and building the knowledge, skills, and institutions needed to create with it, framing the concept around producing knowledge and solving problems rather than looking backward. The discussion also covered practical blockchain applications, including cross-border payments, business financing, and digital representations of financial assets, with both speakers stressing that universities, financial institutions, entrepreneurs, and Shariah scholars need to work together to make these solutions more affordable, accessible, and reliable for everyday users.
Saqib also used the session to detail Pakistan’s regulatory progress, referencing the Pakistan Virtual Assets Act 2026, which provides the statutory basis for PVARA’s licensing and supervisory functions. He outlined the authority’s current application pathways, including a regulatory sandbox, no-objection certificates, and full licences, while stressing that building a regulatory framework is only the starting point, with ongoing implementation, supervision, institutional capacity, and customer protection determining whether the framework actually works in practice. For the Islamic finance sector specifically, he described how regulatory oversight and Shariah expertise need to inform product development jointly, with each side maintaining its own distinct responsibilities as virtual assets create new opportunities and risks.
Closing the session, Saqib addressed students and young professionals in attendance, calling for joint research, multidisciplinary teams, and supervised testing of financial technologies across Muslim societies. He urged attendees to organize collaborative work around measurable contributions rather than technology adoption alone, framing shared work as something that builds direction beyond a shared historical connection. No specific new initiatives or partnerships were announced as a result of the session, though the address adds to a series of international appearances Saqib has made this year on behalf of Pakistan’s virtual asset regulatory framework.
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