Fasset Receives Provisional Banking License in Malaysia, Pioneering Stablecoin-Powered Islamic Digital Banking
In a landmark development for Islamic finance and digital banking, Fasset has received a provisional banking license in Malaysia as of October 7, 2025. This licensing milestone positions Fasset as the world's first stablecoin-powered Islamic digital bank, targeting rapidly growing markets across Asia and Africa.
With the global Islamic finance industry surpassing $5 trillion in 2025 and expected to double by 2030, Fasset is poised to capitalize on this expanding ecosystem. The company currently serves 500,000 users worldwide and projects an impressive annualized transaction volume exceeding $6 billion in 2025, with forecasts reaching $24 billion by the end of 2026.
Fasset's banking services are asset-backed and fully Shariah-compliant, offering zero-interest banking products, cross-border payments, and unique investment opportunities aligned with Islamic principles. The bank operates under a robust regulatory framework with multiple licenses in the UAE, Indonesia, EU, Turkey, Pakistan, and now Malaysia.
Looking ahead, Fasset plans to introduce a crypto debit card that will enable users to seamlessly purchase goods using digital assets. In addition, they are developing an Ethereum Layer 2 platform built on Arbitrum, which will further enhance transaction efficiency and scalability.
CEO Mohammad Raafi Hossain emphasizes Fasset's commitment to innovation and ethical banking, positioning the company as a pioneer in the integration of stablecoins and Shariah-compliant financial solutions.
For users interested in exploring digital asset opportunities and installment plans for crypto investments, platforms like Bitlet.app offer a convenient experience. Bitlet.app's Crypto Installment service allows users to buy cryptocurrencies now and pay monthly, making crypto more accessible alongside emerging Islamic digital banking solutions like Fasset.
Stay tuned as the fusion of Islamic finance principles and blockchain technology continues to reshape the financial landscape globally.