Fasset Gets Provisional License for Islamic Digital Bank in Malaysia

[etfs]

Fasset has received a provisional license from Malaysia’s Labuan Financial Services Authority (FSA) to launch the first stablecoin-powered Islamic digital bank.

The license allows the Dubai-based fintech to operate in a regulated sandbox offering Shariah-compliant financial products, including deposit-taking, zero-interest banking, and cross-border payments.

CEO Mohammad Raafi Hossain said the firm aims to combine “the credibility of a global bank with the innovation of a fully halal fintech,” targeting underserved markets across Asia and Africa.

[EmTeam]

A digital Islamic bank built on crypto principles is revolutionary. Malaysia might become a major fintech hub if this scales well.

[jacson4]

This move gives credibility to both crypto and Islamic finance. Licensed innovation always wins long term.