Fasset to Launch World’s First Stablecoin-Powered Islamic Digital Bank in Malaysia

Malaysia is poised to host the world's first Shariah-compliant digital bank powered by stablecoins, following Fasset's provisional banking license approval. The Dubai-based digital asset platform will operate within Malaysia's Islamic fintech sandbox, marking a significant convergence of blockchain technology and faith-based finance.

The bank will offer deposit services, tokenized asset investments, and a Visa-linked crypto card—all structured to avoid riba (interest) through stablecoin mechanisms. Gold, U.S. stocks, and cryptocurrencies will be available within its investment ecosystem, providing inflation-resistant alternatives under Islamic principles.

CEO Mohammad Raafi Hossain positions the venture as a hybrid of traditional banking credibility and fintech disruption. The model could set a precedent for blockchain integration in Islamic finance globally, particularly in Southeast Asia's growing digital asset markets.