Shariah Meets Stablecoins: Fasset's Malaysian Bank Redefines Islamic Fintech
Fasset, a global digital asset platform, has secured a provisional banking license in Malaysia, positioning itself as the first stablecoin-powered Islamic digital bank[1]. The license, issued by Malaysia's Labuan Financial Services Authority (FSA), allows Fasset to operate within a regulated sandbox for Islamic fintech innovations[2]. This approval enables the company to expand its services beyond digital asset investments to include Shariah-compliant savings, financing, and investment products, leveraging stablecoins and tokenized assets[3]. The firm's offerings will include deposit-taking, cross-border payments, and a Visa-linked crypto debit card for spending, while adhering to Islamic principles that prohibit interest (riba) and speculative practices[4].
The company's CEO, Mohammad Raafi Hossain, emphasized the integration of traditional banking credibility with fintech innovation under a halal framework[5]. Fasset plans to launch "Own," an EthereumETH-- Layer 2 network built on ArbitrumARB--, to facilitate on-chain settlements of real-world assets[1]. The platform, which already serves 500,000 users across 125 countries, reported $6 billion in annualized transaction volume in 2025, with projections to reach $24 billion by year-end 2026[3]. This growth reflects its focus on addressing gaps in financial inclusion within the $5 trillion global Islamic finance sector, where access to Shariah-compliant products remains limited in many Muslim-majority regions[4].
Fasset's approach leverages stablecoin infrastructure to mitigate risks associated with inflation and currency volatility while complying with Islamic finance principles[6]. The company's services will enable users to invest in U.S. stocks, gold, and cryptocurrencies, with plans to expand into asset-backed savings and zero-interest banking[2]. Regulatory approvals in the UAE, Indonesia, Turkey, and the EU have already established Fasset as a compliant platform for Islamic finance products, including collateralized loans and asset-generating yields[3]. The Malaysian license further solidifies its position in a market where Islamic finance is projected to double in assets by 2030[1].
The approval aligns with broader trends in global fintech, where stablecoins are increasingly recognized for their role in transactional banking. Fasset's model could inspire regulators in other markets with significant Islamic populations to explore similar frameworks for integrating blockchain technology with ethical finance[6]. By combining Shariah compliance with digital innovation, Fasset aims to replicate the success of traditional fintech players like NuBank in Latin America, tailoring its services to underserved communities in Asia and Africa[2].
The company's expansion into full-service Islamic banking underscores its ambition to redefine financial inclusion. With a focus on asset-backed solutions and cross-border accessibility, Fasset's strategy addresses challenges such as inflation erosion in savings and limited access to ethical investment options in emerging markets[3]. As it rolls out its crypto debit card and Ethereum Layer 2 network, Fasset's ability to scale while maintaining regulatory compliance will be critical to its long-term success in the competitive Islamic fintech landscape[1].
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