Fasset’s Shariah-Based Philosophy
Introduction
Fasset was founded by a group of passionate technologists and engineers – problem solvers at heart – ours is a Western outlook coupled with Eastern values, and we seek to bring about a more equal financial playing field. Fasset’s very mission is to democratize access to asset ownership, and enable those in emerging economies and markets to also have access to the best performing assets globally.
Fasset gives people access to future-proof assets. Fasset is built to facilitate financial wealth with purpose, redefining the way money works for people. It operates as an all-in-one financial super app that allows people and businesses to securelyinvest, earn and make payments from anywhere inthe world.
Fasset gives the financial tools needed by people, anywhere. The platform allows individuals to seamlessly and securely manage all of their digital and real-world financial assets from wherever they are in their currency of choice.
Fasset is built on three pillars:
1. Inclusive: Fasset champions inclusive finance. Millions remain unbanked and without financial services due to geographical, infrastructural, or systemic barriers. Fasset strives to bridge this gap, offering financial services and investment opportunities to underserved regions. The inclusive model ensures accessibility for everyone, regardless of religious or ethical beliefs.
2. Ethical: Fasset adheres to stringent ethical standards. All assets and products are vetted for Shariah compliance, eschewing interest-based financial services. This commitment extends to ensuring that all investments align with ethical principles, excluding any industries detrimental to community, societal, or environmental well-being.
3. Empowering: Fasset aims to empower individuals worldwide to build long-term wealth through access to premium, high quality and high grade assets, fostering financial stability and growth.
Features of Fasset
Fasset, as Web3’s premier Shariah-compliant platform, offers the following benefits:
( 01 ) Optimize digital and real-world assets: Enables users to join a blockchain-based, integrated ecosystem that allows for the tokenization and distribution of not just digital, but real-world assets like stocks, bonds, commodities and precious metals.
( 02 ) Invest, trade, and more: Gives access to a trading platform giving the advantage of a wide range of tokenized assets, including real-time market data and expert advice.
( 03 ) Manage digital wallets: Users can connect to digital wallets that makes shopping and transferring funds user-friendly, with integrated payment solutions for easy conversion.
( 04 ) Remittance with ease: Users can transfer or receive funds securely and conveniently from wherever they are worldwide with the Fasset Connect Network.
Shariah-Based Philosophy
1. Ownership
Shariah seeks to empower people through ownership. We know this based on principle of Zakat. Zakat is from the five pillars of Islam are the foundation of Islam, namely, the Shahadah (testimony of the Oneness of God), Salah, Zakat, Fasting, and Hajj. These pillars are connected in strengthening an individual and the community. Zakat functions through ownership transfer to the needy, Hence, the Islamic scholars write that simply providing a paid service for free to a beneficiary does not count as ‘Zakat’. Imam Ala’ al-Din al-Bukhari (d.730 AH) writes that the purpose of giving Zakat is to empower and enrich the needy, that happens by giving them ownership of valuable assets. In addition, the entire purpose of transacting and trading is so that a person can own and use assets in a Halal way.
Ownership, in its essence, represents control and entitlement over assets, whether they are tangible, like real estate and commodities, or intangible, like stocks and bonds. The power of ownership lies in its genuine utility to the owner, its capacity to generate income, appreciate in value, and provide a hedge against inflation, thereby serving as a cornerstone for building and preserving wealth. Therefore, Fasset’s philosophy and goal of empowering people across the world through democratized ownership emanates from the above Shariah principles.
2. Level playing field
Fasset focuses on providing a level playing field in the world. One of the key financial prohibitions in Islam is Riba. Riba represents a deep-seated inequality, driven by the concentration of capital and assets in the hands of a few. Riba is driven by two forces:
a. An imbalance in ownership, where substantial asset ownership rests with the few; a few control the market and dictate terms that may be unfair to others.
b. Limited access to opportunities, where the lack of ownership among the broader population limits opportunities for wealth growth, further exacerbating inequalities.
Fasset’s very mission of democratizing ownership and increasing access counters with the key drivers of Riba.
3. Emerging markets
Ensuring that there are financial services available for emerging markets aligns with a key principle in Shariah of helping others, especially those that do not have the same opportunities, provisions and resources as yourself. The Prophetic narration states:
“Seek out your vulnerable on my behalf. Verily, you are only given provision and support from Allah due to the weak among you.” [Tirmidhi]
Fasset’s product ensures that those who did not have access to assets, and did not have access to financial services now have access. This is directly supporting those who were disadvantaged and underprivileged.
4. Real assets
Fasset focuses on providing assets that will grant long-term wealth to the users. Only those assets that are genuine and have real world value can give value over the long term. Purely speculative assets that hold no intrinsic value or utility cannot add value over the long term. Investing in such useless assets is more akin to throwing a dice in a casino. Hence, at Fasset, an asset is defined as something that has real-world value. “Real-world value” is something that tangibly makes a human being’s life better. This is the basis of economic utility, in that a particular asset, in and of itself, serves a tangible benefit and purpose, making a real difference in the life of a person.
Fasset’s economic philosophy rests on the principle that wealth should be made through owning, investing in, and exchanging assets of real world value, and not by merely lending money with interest.
The Bottom Line
In conclusion, Fasset emerges as a pioneering platform that harmonizes the principles of Shariah with the potential of Web3 technology. By championing inclusive finance, adhering to stringent ethical standards, and empowering individuals worldwide to build long-term wealth, Fasset is poised to revolutionize the financial landscape. The platform's commitment to democratizing access to asset ownership and enabling those in emerging economies to participate in global financial opportunities aligns seamlessly with the Shariah-based philosophy of promoting equality and supporting the underprivileged.
Fasset's focus on real-world assets with tangible value underscores its dedication to facilitating genuine wealth creation. By eschewing purely speculative investments and prioritizing assets that make a real difference in people's lives, Fasset sets itself apart as a platform that truly understands the essence of economic utility. This approach not only aligns with Shariah principles but also provides a solid foundation for long-term financial stability and growth.
As Fasset continues to expand its reach and innovate its offerings, it holds the potential to bridge the gap between traditional finance and the emerging world of decentralized finance. By leveraging blockchain technology and tokenization, Fasset is creating a more inclusive, transparent, and accessible financial ecosystem. With its unwavering commitment to ethical standards and its mission to empower individuals across the globe, Fasset is well-positioned to shape the future of finance, one that is rooted in the timeless wisdom of Shariah and propelled by the transformative power of technology.
