Faset has received a temporary license from Malaysia’s Lebanese Financial Services Authority (FSA) to claim the company is the first Establishment “Islamic Digital Bank”.
The firm said in a press release on Tuesday, that the license allows an All -One One Financial Super App Faset to work in a regulated sandbox focused on financial products according to Sharia.
“Now we can link the reputation of the World Banking Agency with the innovation of a fantasy rebel, which is completely lawful,” said Mohammad Rafi Hussain, CEO of Fassetet.
Islamic finance refers to Islamic law (Sharia) -based financial system, which prohibits interest (REBA), avoiding excessive risk and uncertainty (domestic) and bans investment in harmful or immoral industries such as alcohol, gambling or pornography.
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Faset spreads in Islamic digital banking
The recent approval allows Faset, which serves 500,000 users from 125 countries, to submit submission services, cross -border payments and zero interest banking.
The Dubai headquarters firm said it aims to imitate Nobank’s success in Latin America, but for markets in Asia and Africa. The firm offers digital savings, production products, and US stock, gold and crypto investment access.
Fascas has also planned to issue a crypto debit card for everyday expenses and to issue an Ethereum layer on mediation to settle real -world assets. The firm has also received licenses in the United Arab Emirates, Indonesia, Turkey and the European Union.
Laban FSA’s license gives a financial institution the option to operate within the Laban International Business and Financial Center (IBFC), which is a regular offshore financial center in Malaysia. This license is not equivalent to a full digital banking license from Malaysia.
The Quintel Graph reached the Fascist for the comment, but did not respond to the publication.
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Last month, a visa launched a pilot program that allows banks to already pay cross -border funds using Circle’s USDC (USDC) and the European (ERC) Establishment.
The move comes a day later when Swift has announced its support for the Ethereum developer’s consensus and the construction of a blockchain settlement platform with more than 30 financial institutions, which aims to enable 24/7 real -time cross -border payments.
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