Fasset Becomes World’s First Stablecoin-Powered Islamic Digital Bank

Malaysia approves a landmark Shariah-compliant license, merging crypto innovation with zero-interest banking, gold, and global digital assets.

⚡ Quick Hits

• 🏦 License: Granted via Labuan Fintech Sandbox, Malaysia
• 💰 Focus: Stablecoin-powered Islamic digital banking
• 🌍 Users: 500,000+ globally
• 📊 Volume: $6B annualized, targeting $24B by 2026
• 💳 Upcoming: Crypto debit card with Visa, Apple Pay, Google Pay
• 🔗 Tech: Launching Layer-2 on Arbitrum for regulated RWA settlements

🌙 Shariah Meets Blockchain

Fasset has officially received approval from Malaysia’s Labuan Financial Services Authority (LFSA) to operate as the world’s first stablecoin-powered Islamic digital bank, marking a historic fusion of faith-based finance and decentralized innovation.

The license authorizes Fasset to offer Shariah-compliant digital banking, including: ✅ Asset-backed deposits (gold, USD-pegged stablecoins, and commodities) ✅ Investments in U.S. equities, crypto, and tokenized RWAs ✅ Zero-interest banking products ✅ Instant cross-border payments powered by blockchain

This model merges traditional Islamic finance principles—transparency, fairness, and asset-backing—with the speed and borderless reach of digital assets.

“We’re combining the credibility of global banking with the innovation of crypto,” said Mohammad Raafi Hossain, CEO of Fasset. “For the world’s 1.8 billion Muslims and millions of unbanked users, this is a new gateway to ethical, accessible finance.”

💸 A Bank Built on Stablecoins

At the heart of Fasset’s model is stablecoin integration—using tokenized fiat reserves to power instant, transparent, and Shariah-compliant financial flows.

The system allows users to:

• Deposit stablecoins backed 1:1 by fiat or assets
• Transfer funds globally within seconds
• Access real-world investments without interest-bearing structures

Fasset’s stablecoin framework enables programmable trust—a critical evolution for Islamic finance, where riba (interest) and gharar (excessive uncertainty) are prohibited.

🌍 Global Reach, Regional Roots

With over 500,000 users across Southeast Asia, the Middle East, and Europe, Fasset’s expansion underscores Malaysia’s emergence as a hub for regulated crypto finance.

Operating through Labuan’s fintech sandbox, the company can pilot new products under regulatory supervision while maintaining international standards.

Projected growth:

• $6 billion annualized volume today
• $24 billion target by 2026

Fasset’s success could make Malaysia a blueprint for compliant digital finance—bridging the gap between global DeFi markets and traditional faith-based finance systems.

🧠 What’s Next

Fasset plans to launch a crypto debit card integrated with Visa, Google Pay, and Apple Pay, enabling seamless spending across fiat and crypto networks.

It’s also developing its own Layer-2 blockchain on Arbitrum, designed to settle regulated real-world assets (RWAs) such as tokenized stocks, bonds, and commodities in compliance with Islamic finance principles.

This infrastructure could become a regulatory and technological standard for faith-based blockchain ecosystems across the Muslim world.

🕋 Why It Matters

This isn’t just a fintech milestone — it’s a paradigm shift for ethical and decentralized finance:

• Islamic banking principles meet blockchain transparency
• Stablecoins provide compliant liquidity rails for global finance
• Southeast Asia becomes a launchpad for real-world crypto integration

By combining zero-interest finance, tokenized assets, and real-time payments, Fasset positions itself as the ethical backbone of Web3 banking.

“This isn’t crypto trying to replace banks,” says Hossain. “It’s banks evolving through crypto — the halal way.”

TL;DR

• 🕌 Fasset approved in Malaysia as the first stablecoin-powered Islamic digital bank
• 💰 Shariah-compliant, zero-interest, asset-backed deposits and investments
• 🌏 500K users, $6B annualized volume, aiming for $24B by 2026
• 💳 Launching crypto debit card with Visa, Apple Pay, and Google Pay
• 🔗 Building Layer-2 on Arbitrum for tokenized RWA settlement
• 🧠 Merges faith, fintech, and blockchain — setting a new global standard