Dubai-based crypto trading platform Fasset has partnered with Salam Setara Amil Zakat Institution, a key partner of Kitabisa, to introduce a groundbreaking crypto zakat service in Indonesia. This initiative allows users to fulfill their religious obligations by making zakat payments using USDT, making it more convenient for Indonesian crypto enthusiasts to contribute to charitable causes.
The partnership was formalized on March 18 with the signing of a Memorandum of Understanding (MoU) at Fasset’s regional office in Sudirman, Central Jakarta. The collaboration aims to merge blockchain technology with Islamic finance, offering a more innovative approach to digital religious donations.
Indonesia, home to one of the world’s largest Muslim populations, places significant emphasis on zakat, a religious duty requiring Muslims to donate a portion of their wealth to support those in need. As one of the Five Pillars of Islam, zakat not only purifies wealth but also contributes to a fairer, more inclusive society.
With Ramadan being a time of heightened charitable giving, this crypto zakat initiative comes at an opportune moment. Indonesia’s national zakat agency, Baznas RI, has set an ambitious target of accumulating Rp50 trillion ($3 billion) in zakat funds by 2025, underscoring the vital role zakat plays in the nation’s economy. Recognizing this potential, Fasset and Salam Setara Amanah Nusantara aim to integrate blockchain technology into the digital zakat ecosystem, making donations more seamless and accessible for Indonesian crypto users.
According to Putri Madarina, Country Director of Fasset Indonesia, this initiative is just the beginning. While Indonesia is the first market to benefit from crypto-based zakat payments, Fasset has plans to expand globally.
“This is a strategic step to integrate technological innovation into social worship, especially during the holy month of Ramadan. We hope this initiative will serve as a model for digital-based Islamic financial inclusion in Indonesia,” said Madarina.
She also hinted at more fintech innovations in the pipeline, aimed at strengthening the intersection of blockchain technology and Islamic finance.
Vikra Ijaz, CEO of Kitabisa, echoed this sentiment, highlighting the potential of technology in enhancing public awareness about zakat.
“We hope this initiative can optimize zakat’s potential in Indonesia, helping us achieve our shared goal of reducing poverty through innovative and sustainable management,” Ijaz said.
Indonesia’s crypto market has been on a steady rise, with 22.9 million registered crypto investors, according to data from the Financial Services Authority. Notably, 62% of these users are aged between 18 and 30, reflecting a growing demand for crypto-based financial services, especially among younger generations.
By introducing zakat payments via USDT, Fasset and Kitabisa are tapping into this tech-savvy demographic, providing a modern, secure, and efficient way for Indonesian Muslims to fulfill their religious obligations using digital assets.
As crypto adoption continues to grow in Indonesia and beyond, initiatives like this could redefine the future of Islamic finance, making charitable giving more accessible, transparent, and innovative.
