Fasset, a Dubai- and Jakarta-based digital asset platform, has secured a provisional banking license in Malaysia to establish the world’s first stablecoin-based Islamic digital bank.
The license places Fasset within the country’s Islamic fintech sandbox, enabling it to offer Shariah-compliant savings, investment, and financing services powered by tokenized and stablecoin assets.
Customers will be able to hold deposits, invest in gold, U.S. stocks, and crypto, and use a Visa-linked crypto card. CEO Mohammad Raafi Hossain said the initiative merges “the credibility of a global bank with the innovation of fintech.”
Fasset’s banking model avoids interest (riba) while maintaining asset-backed stability. The company will also roll out “Own,” an Ethereum Layer 2 network built on Arbitrum, for regulated on-chain settlement of real-world assets.
The move addresses the $5 trillion global Islamic finance market’s need for halal, inclusive financial products and follows Fasset’s earlier approval as a Virtual Asset Service Provider in Dubai.
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