Fasset Secures License for Stablecoin-Powered Islamic Digital Bank in Malaysia
Fasset has received a provisional banking license in Malaysia, enabling it to establish what it claims is the world's first stablecoin-powered Islamic digital bank.
This move allows Fasset to expand its digital asset platform into full-service banking within a regulated sandbox for Islamic fintech.
The platform will offer Shariah-compliant services using stablecoins and tokenized assets, including savings, financing, and investment options.
Customers can hold deposits, invest in U.S. stocks, gold, crypto, and use a planned Visa-linked crypto card.
CEO Mohammad Raafi Hossain highlighted the combination of global banking credibility with fintech innovation through this initiative.
Fasset plans to introduce "Own," an Ethereum Layer 2 network built on Arbitrum, to facilitate on-chain settlement of regulated real-world assets.
The stablecoin infrastructure aims to protect users' assets from inflation or currency fluctuations while adhering to Shariah law, which prohibits interest (riba).
The initiative seeks to improve financial inclusion within the $5 trillion global Islamic finance industry, particularly in Asia and Africa.
Previously, Fasset obtained a license to operate as a Virtual Asset Service Provider (VASP) in Dubai, handling over $6 billion in annual transactions across 125 countries.
