John Smith 
Fasset collaborates with Kitabisa’s institution partner for Islamic donations to facilitate zakat payments through USDT, making it easier for Indonesian crypto users to make religious donations.
In a press release sent to crypto.news, Dubai-based crypto trading platform Fasset has announced a partnership with Salam Setara Amil Zakat Institution — Kitabisa’s partner in distributing zakat payments — to launch a crypto zakat service. For the first time in Indonesia, Fasset users will be able to make religious donations using cryptocurrency, specifically USDT (USDT).
The partnership was marked with the signing of a Memorandum of Understanding at the firm’s regional office in Sudirman, Central Jakarta, Indonesia on March 18. The collaboration aims to further advance the use blockchain technology for Islamic finance.
Indonesia is known for having one of the largest Muslim populations in the world, with 87.06% of the Indonesian population identifying themselves as Muslims, based on civil registry data in 2023. During the month of Ramadan, many Muslim Indonesians feel the need to give back to the community. One of the ways is through fulfilling their zakat obligations.
Zakat is a religious duty for Muslims, which requires them to donate a small portion of their wealth each year to those in need. It is one of the Five Pillars of Islam, serving both as a way to purify one’s wealth and to support a fairer society.
The national zakat agency in Indonesia or Baznas RI aims to accumulate Rp50 trillion ($3 billion) in Islamic donation funds by 2025 reflecting the significant role of zakat in empowering the nation’s economy.
Therefore, Fasset and Salam Setara Amanah Nusantara see potential in the Indonesian market to utilize blockchain technology as an innovative solution to support the digital zakat ecosystem and make it easier for Indonesian to make donations through crypto.
Country Director of Fasset Indonesia, Putri Madarina, stated that Fasset’s crypto zakat initiative is being launched first in Indonesia, but it has plans to expand its services globally to facilitate more zakat payments through crypto.
“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, adding that the firm plans to develop more fintech innovations in the future.
Kitabisa CEO, Vikra Ijaz, expressed excitement over the collaboration, which he believes can leverage “technological advancements to enhance zakat literacy for the Indonesian community.”
“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,” Ijas said.
Data from the country’s Financial Services Authority shows that crypto investors in Indonesia has reached 22.9 million users. Out of the total crypto users in the country, around 62% of them are between the ages of 18 and 30 years old. This shows that there is a demand for wider crypto usage, especially among younger generations.
