Fasset, a digital asset platform, has received the provisional banking license. According to the statement released by the company on Tuesday, the Malaysian company’s license makes it possible for it to launch the world’s first stablecoin-powered Islamic digital bank.
With this license in place, Fasset can stay within Malaysia’s regulated Islamic fintech sandbox and transition from being a digital asset investment platform into a full-fledged Islamic banking institution. The company has plans to offer financing, investment services, and Shariah-compliant savings by using tokenized assets and stablecoins.
Under the new framework, customers will be able to hold deposits, invest in U.S. stocks, gold, and cryptocurrencies, and make payments through a Visa-linked crypto card. Fasset’s CEO, Mohammad Raafi Hossain, said the initiative merges “the credibility of a global banking institution with the innovation of a fintech insurgent.”
Fasset also plans to launch “Own,” an Ethereum Layer 2 network built on Arbitrum, designed to settle regulated real-world assets on-chain. The company’s stablecoin structure enables users to preserve value without engaging in interest-bearing (riba) products, adhering to Islamic financial principles that prohibit interest.
The firm aims to bridge a significant financial inclusion gap across the $5 trillion global Islamic finance industry, particularly in underserved regions across Asia and Africa, where halal digital finance options remain limited.
This milestone follows Fasset’s earlier achievement in March 2024, when it obtained a Virtual Asset Service Provider (VASP) license in Dubai. With operations spanning Dubai and Jakarta, the company now processes over $6 billion in annualized transactions across 125 countries, signaling its growing influence in the global Islamic fintech ecosystem.
