Fasset, Ajman Bank to launch Shariah-compliant Tokenized Assets

Fasset and Ajman Bank Sign Landmark MoU to Launch Shariah-Compliant Stablecoins and Tokenized Assets

Fasset to provide end-to-end digital asset infrastructure as Ajman Bank enhances its institutional and retail offerings across the UAE

United Arab Emirates, 16 October 2025 – Fasset, a leading UAE-based digital asset platform, and Ajman Bank, one of the UAE’s leading Islamic financial institutions, today announced that they have signed a Memorandum of Understanding (MoU) to jointly launch integrated and compliant virtual asset offerings across the region.

The partnership signals a defining moment in the evolution of Islamic finance, bridging the trusted credibility of a regulated Islamic bank with the innovation of next-generation blockchain infrastructure. Under the agreement, Ajman Bank will tap into Fasset’s end-to-end white-label solution to deliver fully embedded digital asset capabilities to both retail and institutional clients. These offerings include seamless access to tokenized real-world assets (RWAs) such as S&P Shariah ETFs and gold-backed financing, staking and savings products, alongside a private institutional trading desk and stablecoin payment infrastructure.

Building Infrastructure for Regulatory-Grade Innovation

To enable these services, Fasset will develop and build the underlying core infrastructure required to support these secure and compliant digital asset offerings within Ajman Bank’s banking environment, including full wallet infrastructure, integrated KYC/B solutions with third-party providers, custody solutions, and administrative tools for transaction monitoring and regulatory reporting. Stablecoin payment rails and a dedicated institutional trading infrastructure will also be integrated to enhance cross-border efficiency and operational resilience.

“This partnership is a reflection of our commitment to delivering future-ready financial services that remain true to our values,” said Mustafa Al Khalfawi, CEO of Ajman Bank. “By embedding digital asset solutions within a Shariah-compliant framework, we are expanding access to new forms of value creation and enabling customers to participate in the digital economy without compromising on trust or principles.”

Ajman Bank to Support Fasset’s Financial Operations

In addition to deploying Fasset’s technology stack, Ajman Bank will also play an essential role in supporting the platform’s broader financial operations. This includes the provision of operational accounts and segregated client money accounts for enhanced customer fund safeguards, allowing Fasset to scale its institutional client base within the UAE’s regulatory requirements. The collaboration further reinforces its role as a pioneer in the convergence of traditional banking and virtual assets within the UAE.

Bridging Traditional Banking and Innovation at Scale

“We believe that the next phase of financial innovation will be defined by meaningful integration, not just experimentation,” said Mohammad Raafi Hossain, CEO and Co-Founder of Fasset. “Through this partnership with Ajman Bank, we are building infrastructure that doesn’t just support tokenized finance but embeds it seamlessly into everyday banking, making wealth creation more accessible and ethical.”

The partnership reflects growing demand in the UAE and across the Islamic Belt for compliant and inclusive digital financial products. By bridging modern blockchain infrastructure with the trust and regulatory rigour of Islamic banking, Ajman Bank and Fasset are laying the foundation for a new iteration of the global financial ecosystem – one that is accessible, transparent, and built for the future.

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About Fasset

Fasset is a digital asset platform focused on enhancing financial inclusion across Asia and Africa, enabling individuals and businesses to securely invest from anywhere in the world. In 2024, Fasset introduced Own, its Ethereum Layer 2, designed to expand access to decentralized finance globally. Founded by Mohammad Raafi Hossain and Daniel Ahmed, Fasset has raised $26.7 million in funding and holds regulatory approvals in several countries, including the UAE, Indonesia, Malaysia, the EU, Turkey, Pakistan, Bahrain and others, for offering tokenized assets.

About Ajman Bank

Established in 2007, Ajman Bank PJSC is the first Islamic bank incorporated in the Emirate of Ajman. Headquartered in Ajman, United Arab Emirates, the bank officially commenced operations in 2009 and is listed on the Dubai Financial Market. Ajman Bank is a key pillar in the emirate’s economic development strategy and is strongly supported by the Government of Ajman.

Ajman Bank offers a comprehensive range of Shari’ah-compliant banking, financing, and investment services to individuals, businesses, and government entities. Its operations span across Consumer Banking, Corporate Banking, Investment Banking, and Treasury segments.