SJKP Guarantees Over 100% Home Financing for First-Time Buyers Without Formal Payslips

SJKP guarantees home loans covering over 100% of the house purchase price for qualified first-time buyers, including those with informal income sources. No payslip is required, and borrowers can demonstrate repayment capacity through bank statements or tax filings. The maximum guaranteed financing coverage is up to RM500,000, and the scheme plays a crucial role in achieving Malaysia's goal of increasing home ownership to 70% by 2030.

Malaysia has made a significant stride in the digital finance landscape by granting Fasset a provisional license to operate the first stablecoin-powered Islamic digital bank. The Labuan Financial Services Authority (Labuan FSA) approved Fasset's application on Tuesday, allowing the Dubai-headquartered fintech to offer Shariah-compliant banking services within a regulated sandbox framework Malaysia Approves First Islamic Digital Bank Using Stablecoins^[1].

CEO Mohammad Raafi Hossain stated that the license combines the credibility of a global banking institution with the innovation of a fintech platform that is fully halal. Fasset currently serves 500,000 users across 125 countries through its all-in-one financial super app, offering digital savings, yield products, and investment access Malaysia Approves First Islamic Digital Bank Using Stablecoins^[1].

The regulatory approval allows Fasset to provide deposit-taking services, cross-border payments, and zero-interest banking products. Islamic finance operates under Shariah law, which prohibits charging interest, avoids excessive risk and uncertainty, and bans investment in industries including alcohol, gambling, and pornography Malaysia Approves First Islamic Digital Bank Using Stablecoins^[1].

Fasset aims to replicate NuBank's success in Latin America for underserved markets across Asia and Africa. The platform offers investment access to U.S. stocks, gold, and crypto alongside traditional banking services. The company targets financial inclusion gaps within the $5 trillion global Islamic finance industry Malaysia Approves First Islamic Digital Bank Using Stablecoins^[1].

The firm plans to issue a crypto debit card for everyday spending and launch "Own," an Ethereum layer 2 built on Arbitrum for settling real-world assets. Fasset's stablecoin infrastructure enables users to avoid interest-bearing products while preserving asset value against inflation or currency fluctuations, as Shariah forbids all forms of interest known as riba Malaysia Approves First Islamic Digital Bank Using Stablecoins^[1].

Fasset's operations will be conducted within the Labuan International Business and Financial Centre, a regulated offshore financial center in Malaysia. The provisional license differs from a full digital banking license issued by Bank Negara Malaysia and operates under sandbox parameters for Islamic fintech development Malaysia Approves First Islamic Digital Bank Using Stablecoins^[1].

Fasset has secured licenses in the United Arab Emirates, Indonesia, Turkey, and the European Union. The Dubai and Jakarta-based company reports processing more than $6 billion in annualized transaction volume across its global user base. Previous regulatory approval came in March 2024 when Fasset obtained a Virtual Asset Service Provider license in Dubai Malaysia Approves First Islamic Digital Bank Using Stablecoins^[1].

Stablecoin adoption in payments has accelerated recently, with Visa launching a pilot program last month allowing banks to pre-fund cross-border payments using Circle's $USDC and $EURC. Swift announced a collaboration with Consensys and over 30 financial institutions to build a blockchain-based settlement platform enabling 24/7 real-time cross-border payments Malaysia Approves First Islamic Digital Bank Using Stablecoins^[1].