Malaysia Gives Nod To Fasset for Stablecoin-Based Islamic Bank

TheCryptoTimesPublished on 2025-10-07Last updated on 2025-10-07

Fasset, a digital banking and investment platform based in Dubai, got a temporary banking license from Malaysia on October 7, 2025. This approval lets Fasset run as a Shariah-compliant digital bank, making it the first Islamic digital bank in the world to use stablecoins.

According to a report by FintechNews Malaysia, the company said that the approval lets it test digital financial products in a controlled setting under the supervision of Labuan Financial Services Authority (Labuan FSA).

“We’ve been told for years what’s ‘impossible’: that Islamic finance can’t go global, that banks can’t be built on crypto, that financial freedom isn’t for emerging markets,” Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, said. “We’re here to prove otherwise. We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that’s fully halal.”

Fasset runs a digital asset platform that serves users in 125 countries. It reported an annualized transaction volume of more than US$6 billion and expects this number to reach US$24 billion by the end of 2026.

The company said its main goal is to offer Shariah-compliant investment and savings products with no interest, as well as access to assets like gold, stocks, and digital tokens.

Malaysia working for better digital asset ecosystem

This step is part of Malaysia’s larger plan to improve its digital asset ecosystem. The Securities Commission Malaysia put out Public Consultation Paper No. 3/2025 on June 30. The proposed changes would make the digital asset listing process more open, letting exchanges list some digital assets without first getting SC approval, as long as they meet certain minimum requirements. This project aims to speed up the time it takes for products to hit the market, make exchange operators more accountable, and give investors more options.

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152 Total ViewsPublished 2024.04.06Updated 2024.12.03

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