Fasset has teamed up with Kitabisa’s institutional partner for Islamic donations to streamline zakat payments via USDT, making it more convenient for Indonesian users of cryptocurrency to make their religious contributions.
The Dubai-based cryptocurrency trading platform, Fasset, recently announced a collaboration with Salam Setara Amil Zakat Institution—Kitabisa’s partner for distributing zakat payments—to introduce a crypto zakat service. This initiative marks the first opportunity for Fasset users in Indonesia to make religious donations using cryptocurrency, specifically USDT (Tether).
The partnership was formalized with the signing of a Memorandum of Understanding at the company’s regional office in Sudirman, Central Jakarta, on March 18. The collaboration aims to leverage blockchain technology to enhance Islamic finance.
With approximately 87.06% of its population identifying as Muslim, Indonesia is recognized for having one of the largest Muslim communities globally, according to civil registry information from 2023. During Ramadan, many Muslim Indonesians feel a strong inclination to give back to their communities, often by fulfilling their zakat obligations.
Zakat is an essential religious obligation for Muslims, requiring them to donate a portion of their wealth each year to those in need. It is one of the Five Pillars of Islam, serving to purify one’s wealth and promote a fairer society.
The national zakat agency in Indonesia, Baznas RI, aims to gather Rp50 trillion ($3 billion) in Islamic donations by 2025, underscoring the crucial role of zakat in strengthening the nation’s economy.
Recognizing the potential of the Indonesian market, Fasset and Salam Setara Amanah Nusantara seek to harness blockchain technology as an innovative tool to support the digital zakat ecosystem and simplify the donation process through cryptocurrency.
Putri Madarina, the Country Director of Fasset Indonesia, indicated that while the crypto zakat initiative is launching in Indonesia, the company plans to expand its services globally to facilitate zakat payments through cryptocurrency.
“This strategic move aims to integrate technological innovation into social worship, particularly during the sacred month of Ramadan. We aspire for this initiative to serve as a model for digital Islamic financial inclusion in Indonesia,” Madarina noted, emphasizing the organization’s intention to develop more fintech innovations in the future.
Vikra Ijaz, CEO of Kitabisa, expressed enthusiasm for the partnership, which he believes can utilize “technological advancements to improve zakat literacy within the Indonesian community.”
“We hope this initiative can maximize the potential of zakat in Indonesia, helping us achieve our shared objective of alleviating poverty through innovative and sustainable management strategies,” Ijaz added.
According to data from the country’s Financial Services Authority, Indonesia now boasts 22.9 million crypto investors, with around 62% of them aged between 18 and 30 years. This highlights a growing demand for broader cryptocurrency usage, particularly among younger generations.