Fasset becomes the first stablecoin‑powered Islamic digital bank

On October 7, 2025, Dubai-based Fasset announced that it had obtained a provisional banking license in Malaysia. The approval lets Fasset access an innovation sandbox for Islamic fintech and positions it as the world’s first Islamic digital bank operating on stablecoin rails.

Fasset describes itself as a financial super‑app and says it serves roughly 500,000 users worldwide. The license broadens its mandate from a digital‑asset investment platform to a full suite of Shariah‑compliant banking services.

Next, Fasset plans to roll out on‑chain, real‑asset‑backed services: savings products, P2P settlements, and cross‑border business payments. A key principle is zero interest; returns are derived from permissible assets (including stablecoins) and recognized Islamic‑finance contracts.

Fasset combines bank-level safeguards with crypto technology to protect users. On the platform, users can already invest in U.S. equities, gold, and cryptocurrencies. According to Fasset, annual platform turnover has surpassed $6 billion, with a target of $24 billion by end‑2026. The platform serves customers in 125 countries, and the institutional client base grew sharply in 2025.

The next milestones include everyday retail banking and a crypto debit card for online and in‑store purchases (including Apple Pay and Google Pay). Fasset is also preparing to launch Own, an Ethereum Layer‑2 network (built on Arbitrum) for real‑world‑asset settlement in partnership with regulated institutions.

Fasset argues that combining stablecoins with Shariah principles can widen access to reliable financial products in markets underserved by traditional services.