Fasset Revolutionizes Islamic Finance with Labuan FSA Stablecoin Approval
Fafsa, a fintech startup, has made significant strides in its mission to revolutionise Islamic finance. The company has received approval from Malaysia's Labuan Financial Services Authority (Labuan FSA) to explore a stablecoin-based Islamic banking model. Fafsa aims to combine the credibility of traditional banking with the innovation of fintech, fully compliant with Islamic law.
Fafsa has reported an impressive annualised transaction volume exceeding US$6 billion, with expectations to reach US$24 billion by the end of 2026. The company is developing Own, an Ethereum Layer 2 network built on Arbitrum, to settle real-world assets from regulated institutions. Mohammad Raafi Hossain, the founder and CEO of Fafsa, envisions a platform combining asset-backed savings, financing tools, and blockchain-based payment features, including a crypto debit card.
Fafsa plans to pilot digital financial products in a controlled environment under Labuan's regulatory oversight. The company focuses on enabling Shariah-compliant, zero-interest investment and savings products, including access to assets like gold, equities, and digital tokens. Fafsa holds licenses in several jurisdictions, including the UAE, Indonesia, the EU, Turkey, and Pakistan, and is expanding its regulatory footprint in Asia through its Malaysian operations under Labuan FSA oversight.
With its recent approval from the Labuan FSA, Fafsa is poised to make significant inroads in the Islamic finance sector. The company's ambitious plans for growth and innovation, coupled with its commitment to regulatory compliance, position it as a key player in shaping the future of Shariah-compliant finance.
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