Page 64 - Skyro PR Report - October 2025

UAE Ajman Bank and Fasset to launch tokenized S&P Shariah ETFs

UAE Ajman Bank and Fasset to launch

tokenized S&P Shariah ETFs

Lara October 17, 2025

Fasset, a regulated UAE crypto exchange and digital asset platform, has signed an MOU with UAE Ajman Bank, one of the UAE’s leading
Islamic financial institutions, to bridge Islamic Finance with next generation blockchain infrastructure offering 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.

As per the press release, 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.”

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.
“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.”
Recently Fasset, secured approval from Malaysia to provide banking banking services. The license completes Fasset’s ability to provide full-
service digital banking to its existing global user base of 500,000 within a regulated sandbox for Islamic fintech innovations, establishing Fasset
as the world’s first stablecoin-powered Islamic digital bank.
Fasset and Skyro UAE, a digital financial technology group, also signed an MOU for promoting retail international transfer solutions powered
by stablecoins.

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