MASSACHUSETTS: Pakistan’s Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, MBE, delivered a keynote address at Harvard University in Cambridge, Massachusetts. Bilal Bin Saqib spoke at the 29th annual Harvard Islamic Finance Conference.
The Harvard University Muslim Alumni and the Harvard Islamic Society organized and sponsored the event. This year, the conference convened under the theme:
Global Finance in Transition: Stability, Pluralism, and the Role of Islamic Finance.
A “Golden Age 2.0” for Blockchain Technology
During the event, Bin Saqib participated in a keynote session titled “The Future of Blockchain and Islamic Finance”. He shared the stage with Imran Sayeed, a Senior Lecturer at the MIT Sloan School of Management.
Together, they examined the relationship between digital assets, regulatory innovation, and Shariah-compliant financial frameworks.
Furthermore, Bilal Bin Saqib connected the intellectual legacy of the Islamic Golden Age to modern technological capabilities. He proposed the idea of a “Golden Age 2.0”. However, he made a clear distinction. He stated that societies must go beyond simply adopting technology. Instead, they must develop the knowledge, skills, and institutions necessary to create with it. He noted:
We honour the past through what we create, not only through what we celebrate.
A new golden age is not a return to the past. It is a return to producing knowledge, building capability and solving human problems.
The conversation also explored practical blockchain applications. The speakers highlighted cross-border payments, business financing, and digital representations of financial assets. Consequently, they emphasized that universities, financial institutions, entrepreneurs, and qualified Shariah scholars must work together. They must ensure these solutions actually improve affordability, accessibility, and reliability for everyday users.
Pakistan’s Regulatory Framework in Action
Moving forward, Bilal Bin Saqib drew upon his ongoing regulatory work in Pakistan. He shifted the focus from promoting technological possibilities to overseeing financial responsibilities. He detailed the Pakistan Virtual Assets Act, 2026. This legislation provides the statutory framework for PVARA’s licensing and supervisory functions.
Currently, the authority offers clear application pathways. These include participation in a regulatory sandbox, no-objection certificates, and full licences. Yet, Bilal Bin Saqib stressed that establishing a regulatory framework is merely the first step. True success requires constant implementation, active supervision, institutional capacity, and strict customer protection. He explained:
The rulebook is a beginning. The public experience is the test.
The question is not simply whether a technology works, but whether people can use it with clear rights, understandable risks and somewhere to turn when things go wrong.
For the Islamic finance sector, the session outlined how regulatory oversight and Shariah expertise can jointly inform product development. Both sides must maintain their distinct responsibilities while addressing the unique opportunities and challenges of virtual assets.
Empowering the Next Generation
Finally, Bilal Bin Saqib addressed the students and young professionals in attendance. He presented practical avenues for collaboration across Muslim societies. Specifically, he called for joint research, multidisciplinary teams, and supervised testing of financial technologies.
He urged the youth to base their shared endeavors around measurable contributions rather than mere technology adoption. He remarked:
