Muslim world needs tech renaissance: Saqib

The Muslim world requires a new technological renaissance, according to Bilal Bin Saqib, Minister of State and Chairman of Pakistan's Virtual Assets Regulatory Authority (PVARA). Speaking at The Future of Blockchain and Islamic Finance event at Harvard Islamic Finance Conference, Saqib emphasized that the focus should be on creating knowledge, building capabilities, and addressing human problems rather than merely adopting existing technologies.

He coined the term "Golden Age 2.0" to signify this vision, asserting that the intellectual heritage of the Islamic Golden Age should serve as a guiding framework for contemporary research, enterprise, and technological development.

Saqib stressed that the spirit of a new golden age is not about reverting to the past but about producing knowledge, developing expertise, and solving human problems. He drew a distinction between the rulebook, which provides a starting point, and the public experience, which serves as the ultimate test. The key question, he argued, is not merely whether a technology functions but whether people can effectively use it, understand the associated risks, and have recourse when issues arise.

In the context of Islamic finance, Saqib discussed the role of regulatory oversight and Shariah expertise in guiding product development while maintaining the distinct responsibilities inherent in this field. For students and young professionals in the audience, he highlighted practical pathways for collaboration across Muslim societies, such as joint research initiatives, multidisciplinary teams, and supervised testing of financial technologies.

He framed these collaborative efforts around tangible contributions rather than simply adopting new technologies.

Saqib concluded by reflecting on the importance of shared endeavors, stating that a unified past can provide connection, while shared work offers direction. He urged young researchers to experience unity—not just to have it described by speakers.