In cooperation with jurists and thinkers…the digital asset platform “Fasset” seeks to expand in some Islamic countries
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Answer In cooperation with jurists and thinkers…the digital asset platform “Fasset” seeks to expand in some Islamic countries
The digital asset platform, Fasset, is seeking to expand its business in several Islamic countries as part of its plans to promote the adoption of cryptocurrencies in countries where cryptocurrencies are not very popular for religious reasons.
Fassett has completed a $22 million Series A financing round, led by Liberty City Ventures and Fatima Gobi Ventures, through which it seeks to enter the markets of Islamic countries.
The company’s co-founder and CEO, Muhammad Rafi Hussain, explained that the platform has worked with some of the most important jurists and thinkers in the field of Islamic finance to educate the public on how Muslims interact with the emerging asset class in a Sharia-compliant manner.
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He added:
We have seen multiple instances of payments such as zakat being made on cryptocurrencies backed by Islamic charities in Europe. This trend will continue amid increased currency adoption and awareness.
Some Muslim countries view cryptocurrencies in doubt, as they were banned by Indonesia’s National Ulema Council in November, despite previous support from the government that allowed them to be traded as investment vehicles.
Fasset intends to launch its services in two of the most populous Muslim countries in the next few months, Indonesia and Pakistan, as it is in the process of obtaining approval to operate as a full-service crypto exchange in Indonesia next month and is ready to provide digital asset services in Pakistan.
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