Fasset receives Malaysian license to launch Islamic bank on stablecoins

Key points:

• The Labuan FSA license allows Fasset to provide banking services that comply with Sharia law.
• Fasset serves 500 000 users in 125 countries and plans to reach $24 billion in turnover by 2026.
• The bank offers interest-free deposits, halal investments, and a Visa crypto card.

f a regulated sandbox for Islamic fintech innovation. It allows Fasset to accept deposits, make cross-border payments, and manage assets in accordance with Sharia law.

What the new bank offers

The Islamic financial system prohibits interest charges, excessive risk, and investment in unethical industries. Fasset combines these principles with blockchain technology. Customers will be able to use zero-interest products, invest in stocks, gold, and cryptocurrencies, and pay for purchases with a Visa crypto card.

“We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that’s fully halal,” said Fasset co-founder and CEO Mohammad Raafi Hossain.

The growth of Islamic digital banking

Fasset aims to replicate NuBank’s success in Latin America, but in the Asian and African markets. The assets of the Islamic financial industry already exceed $5 trillion and could double by 2030.

The company has more than 500 000 users in 125 countries. Its annual transaction volume reaches $6 billion, and by the end of 2026, it is projected to grow to $24 billion. The new license expands Fasset’s activities from investing in digital assets to full-fledged banking services that comply with Sharia law.

Hossain noted that the project aims to solve the problem of financial inaccessibility in developing countries:

“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.”

Regulatory framework and development plans

In addition to its Labuan FSA license, Fasset has permits in the UAE, Indonesia, Turkey, the EU, and Pakistan. This allows the company to offer halal products, from asset-backed loans to investment portfolios.

In the coming months, the company will launch a Visa cryptocurrency debit card and its own Arbitrum-based Own blockchain platform for real asset settlements. Fasset’s goal is to make Islamic financial services accessible regardless of country of residence.