Dubai-based global investment platform Fasset has appointed veteran banker Rafiza Ghazali as its new Managing Director for Consumer Banking in a strategic move to accelerate its global expansion. This appointment follows the company's provisional approval from Malaysia’s Labuan FSA to launch a regulated Islamic digital bank based on stablecoins. Ghazali's leadership is expected to be pivotal as Fasset prepares to roll out comprehensive services for consumers and small to medium-sized enterprises (SMEs).
Strategic Leadership for Global Expansion
Effective February 1, 2026, Ghazali will spearhead Fasset’s global stablecoin-led banking strategy, with a specific focus on the retail, private, SME, and trade finance sectors. Her primary mandate is to scale the company's digital banking operations from its base in Malaysia under the Labuan regulatory framework. This initiative will leverage Fasset’s existing multi-jurisdictional banking and compliance infrastructure to serve a worldwide customer base.
The appointment signals a significant transition for Fasset, moving from a phase of securing regulatory licenses to one of active execution and operational growth. The firm is positioning itself to become a leading provider of trusted, Shariah-aligned banking services anchored in strong institutional-grade governance. This strategic shift is supported by impressive metrics, including one million retail app downloads in 2025 and an annualized volume of $12 billion.
A Veteran of Digital and Islamic Finance
Rafiza Ghazali brings over two decades of extensive experience spanning central banking, capital markets, Islamic finance, and the burgeoning digital banking sector. Her most notable achievement was leading the end-to-end establishment and public launch of KAF Digital Bank, Malaysia’s second Islamic digital bank. This accomplishment places her in an elite group of executives in Southeast Asia with direct experience overseeing a digital bank’s complete lifecycle from inception to full operationalization.
Her distinguished career also includes several senior leadership positions across both public and private financial institutions. Prior to her role at KAF Digital Bank, she served as the Group Chief Executive Officer of Cradle Fund Sdn Bhd, where she was instrumental in transforming Malaysia's startup support framework. Her resume is further strengthened by executive roles at RHB Investment Bank, Bank Negara Malaysia, Thomson Reuters, and Cagamas.
Aligning Vision with Execution
Fasset’s leadership expressed strong confidence in the appointment, highlighting how Ghazali’s expertise aligns with the company's objectives. Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, noted her firsthand experience in building and running a regulated digital bank. He emphasized that her deep knowledge of the Islamic finance world is crucial for establishing a multi-jurisdictional, Shariah-compliant digital banking institution.
In her own statement, Ghazali affirmed her connection to the company's core values and long-term goals. "Fasset’s mission to expand financial access and build inclusive digital infrastructure regardless of geography or background strongly resonates with me," she stated. She added that she looks forward to shaping consumer banking operations that serve both global aspirations and local community needs across diverse markets.
The appointment of Rafiza Ghazali marks a critical milestone in Fasset's evolution from a promising fintech platform to a fully operational digital banking powerhouse. Her proven track record in both Islamic finance and digital bank creation provides the specialized leadership needed to navigate complex regulatory environments and scale effectively. This strategic hire solidifies Fasset’s commitment to building trusted, inclusive, and Shariah-compliant financial services for a global audience.