Fasset, a leading digital asset investment platform, has received a provisional license from Malaysian regulators to operate as the world’s first Shariah-compliant digital bank powered by stablecoins. This groundbreaking approval marks a major step toward integrating cryptocurrency within the $5 trillion global Islamic finance market.
With this license, Fasset plans to expand its existing fintech platform into a full-service digital bank offering halal, Shariah-compliant financial products. Customers will have access to asset-backed savings, zero-interest accounts, and global payments executed on-chain with stablecoins, a compliant solution that avoids all forms of interest (riba) prohibited under Islamic law.
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The Malaysia license enables Fasset to function inside a regulated sandbox for Islamic fintech, allowing it to combine global banking credibility with cutting-edge blockchain innovation. The bank will offer deposit accounts, investment opportunities in tokenized real-world assets like U.S. stocks and gold, as well as crypto holdings. Fasset also plans to launch a Visa-linked crypto card to facilitate seamless spending.
CEO Mohammad Raafi Hossain described the initiative as bridging financial inclusion gaps across Muslim-majority regions, particularly in Asia and Africa, where access to halal, asset-backed financial products remains limited. The stablecoin infrastructure used by Fasset helps customers preserve their wealth from inflation and currency volatility without engaging in interest-based contracts.
This development follows Fasset’s earlier license in Dubai as a Virtual Asset Service Provider, underlining its rapid growth with over $6 billion in annualized transaction volume across 125 countries. Fasset’s next milestone is the rollout of “Own,” an Ethereum Layer 2 network on Arbitrum designed to enable the settlement of regulated real-world assets on-chain.
Fasset’s pioneering digital Islamic bank represents a significant milestone for crypto adoption in Islamic finance, offering new halal opportunities for savings, investments, and payments in a growing and underserved market.
This advance may resonate strongly with crypto enthusiasts and investors interested in Shariah-compliant digital finance, combining regulatory compliance with blockchain technology’s transparency and efficiency.
Crypto.pk will continue tracking updates on Fasset’s innovative bank as it further expands its services and ecosystem within Malaysia and beyond.
[Source: Coindesk – October 7, 2025]
