Saqib urges Muslim world to focus on knowledge

Minister of State and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has called for a new technological renaissance in the Muslim world based on knowledge creation, research and problem-solving rather than simply adopting emerging technologies.

Speaking at the Harvard Islamic Finance Conference during a keynote session on the future of blockchain and Islamic finance, Saqib proposed the idea of “Golden Age 2.0”, drawing inspiration from the intellectual achievements of the Islamic Golden Age.

He said the legacy of that era should encourage modern efforts in research, entrepreneurship and technological development. According to Saqib, the true revival of the golden age should focus on producing knowledge, developing capabilities and addressing real-world challenges.

He also highlighted the importance of effective regulation in emerging technologies. He said regulatory frameworks were only the starting point, while their success should ultimately be measured by how clearly and safely people could use new technologies.

The discussion also explored the relationship between Islamic finance, regulation and blockchain-based products. Saqib said regulatory oversight and Shariah expertise could contribute to product development while maintaining their respective roles.

Addressing students and young professionals, he encouraged greater cooperation among Muslim societies through joint research, multidisciplinary teams and supervised testing of financial technologies.

He stressed that technological progress should be measured through meaningful contributions rather than the adoption of technology alone, urging young researchers to turn cooperation among Muslim societies into practical, shared work.