Fasset Gets Malaysia License to Launch First Stablecoin-Powered ‘Islamic Digital Bank’

Highlights:

• Fasset secures Malaysia license to launch first stablecoin-powered Islamic digital bank.
• It will offer Shariah-compliant savings, zero-interest accounts, investments, and global payments.
• Expansion plans include a Visa-linked crypto card and an Ethereum Layer 2 network, Own.

Fasset, a digital banking and investment platform based in Dubai and Jakarta, got a provisional license from Malaysia’s Labuan Financial Services Authority (FSA) to launch the first stablecoin-powered Islamic digital bank. Fasset now can offer Shariah-compliant savings, zero-interest accounts, investment services using stablecoins and tokenized assets, and global on-chain payments. The platform aims to address financial inclusion gaps in Muslim-majority regions of Asia and Africa, where access to halal, asset-backed products is limited.

Fasset Strengthens Global Islamic Finance Presence

After getting its license, Fasset will expand in the coming months. It will offer everyday banking, let users invest in global assets and markets, and spend using a Visa-linked crypto card. Users can spend with the crypto debit card online, in stores, and via Google Pay or Apple Pay. Fasset also plans to launch “Own”, an Ethereum Layer 2 on Arbitrum, to settle real-world assets from regulated institutions.

Fasset’s got a fresh new look for Uptober as we line up some major announcements in the weeks ahead…⏳ pic.twitter.com/SDZkdFOkGm

— Fasset (@fasset_official) October 4, 2025

Fasset CEO Mohammad Raafi Hossain said the company aims to challenge old limits in finance. He noted many believed Islamic finance could not go global, or that banks could not operate on crypto. Hossain said Fasset now combines the trust of traditional banking with the innovation of a fully halal fintech platform.

Furthermore, he added:

“The goal is to rewrite the rules, making banking seamless and accessible, regardless of where customers live. There are Islamic banks, and there are crypto banks. But we’re determined to be both: a fully Shariah-compliant bank that runs on stablecoin rails. That’s what makes this approval unique.”

Islamic finance is a financial system based on Islamic law (Shariah). It forbids charging interest, avoids high risk and uncertainty, and bans investments in harmful or unethical industries like alcohol, gambling, or adult content.

Global Reach and Regulatory Momentum

Backed by its regulatory and technological infrastructure, Fasset has established strong Islamic finance foundations as a digital asset platform. It serves retail users in 125 countries and has grown its institutional client base tenfold in 2025. However, Shariah-compliant financial products are still hard to access across the pan-Islamic region.

Fasset aims to fix this by combining blockchain technology with Islamic finance principles. The platform has already built a strong foundation in Islamic finance. It handles over $6 billion in annualized trading volume and is expected to reach $24 billion by 2026. Fasset has built trust as a safe and compliant platform for growing wealth. 

The company holds licenses in Malaysia, the UAE, Indonesia, the EU, Turkey, Pakistan, and more. These approvals let Fasset offer Shariah-aligned products like collateralized loans, asset-backed financing, and asset-generating yields. The new license now allows Fasset to expand into a fully Shariah-compliant financial ecosystem. 

This growth comes as crypto adoption rises across Asia, which hosts over half of the world’s crypto users. A December report by Consensus showed that about 23–24% of people in the Asia-Pacific region use or hold digital assets, nearly three times the global average.