The 20-year-old was one of Martin Jol's first acquisitions when he took to the Craven Cottage helm in the summer of 2011.
However, Kasami has failed to make an impact on the Fulham first team since arriving from Palermo.
The Switzerland Under-21 international has made just three appearances this term, with the last coming against West Brom on September 15.
Kasami has now joined Swiss Super League outfit Lucerne until the end of the season in a bid for regular football, the Cottagers confirmed on their website.
The attacking midfielder was due to join Italian side Pescara on transfer deadline day last month, but the loan move to Serie A fell through due to a technical glitch.