Fasset Partners with Kitabisa for Crypto Zakat Payments

Fasset, a Dubai-based crypto trading platform, has partnered with Salam Setara Amil Zakat Institution — Kitabisa’s zakat distribution partner — to launch a crypto zakat service, allowing Indonesian users to make religious donations using USDT.

The Memorandum of Understanding was signed at Fasset’s regional office in Central Jakarta on March 18. This collaboration aims to utilize blockchain technology for Islamic finance, catering to Indonesia’s large Muslim population, which stands at 87.06% according to 2023 civil registry data. During Ramadan, many Indonesian Muslims feel compelled to fulfill their zakat obligations.

Zakat, one of the Five Pillars of Islam, requires Muslims to donate a portion of their wealth annually to those in need, promoting social equity. Indonesia’s national zakat agency, Baznas RI, aims to accumulate RP50 trillion ($3 billion) in Islamic donations by 2025, underscoring zakat’s crucial economic impact.

Fasset’s Country Director in Indonesia, Putri Madarina, indicated plans to expand this initiative globally after its initial launch in Indonesia. The goal is to integrate technology with social worship, especially during Ramadan, and to serve as a model for digital Islamic financial inclusion.

Kitabisa’s CEO, Vikra Ijaz, emphasized the potential of this collaboration in enhancing zakat literacy within the Indonesian community and optimizing zakat’s effectiveness to help reduce poverty.

Data from Indonesia’s Financial Services Authority reported that the country has 22.9 million crypto investors, with 62% aged between 18 and 30, highlighting a rising demand for crypto usage among young people.