Fasset to Launch World’s First Stablecoin-Powered Islamic Digital Bank in Malaysia

Malaysia is set to become the home of the world’s first stablecoin-powered Islamic digital bank, following the approval of a provisional banking license for Fasset, a global digital asset investment platform.

The new license allows Fasset to operate within Malaysia’s regulated Islamic fintech sandbox, paving the way for the company to expand from its current investment platform into full-service, Shariah-compliant banking.

A New Model for Islamic Finance

Under the license, Fasset will offer a range of financial products, savings, financing, and investment services, that align with Islamic principles. Instead of traditional interest-bearing models, the bank will rely on stablecoin-based systems and tokenized assets, ensuring that users can protect the value of their holdings without engaging in prohibited interest (riba).

Clients will be able to hold deposits, invest in U.S. stocks, gold, and cryptocurrencies, and eventually spend via a Visa-linked crypto card. The firm’s infrastructure aims to provide both inflation protection and seamless global access to digital assets under a Shariah-compliant framework.

Blockchain Meets Islamic Banking

CEO Mohammad Raafi Hossain said the initiative blends “the credibility of a global bank with the innovation of a fintech insurgent,” emphasizing that it represents a major step toward integrating blockchain with faith-based finance.

Read More:

Fasset also announced plans to launch “Own,” an Ethereum Layer 2 network built on Arbitrum, designed to settle regulated real-world assets on-chain. This integration will enable transparent, secure transactions while adhering to both financial regulations and Islamic law.