Fasset Partners with Kitabisa for Crypto-Based Islamic Donations
Fasset, a Dubai-based crypto platform, has teamed up with Salam Setara Amil Zakat Institution, a partner of Kitabisa, to introduce a crypto zakat service. This collaboration allows indonesian users to make religious donations using USDT, a stable cryptocurrency.
The partnership was formalized with a Memorandum of Understanding signed in Jakarta on March 18. It aims to promote blockchain technology in Islamic finance. Indonesia,with 87.06% of its population being Muslim, sees zakat as a crucial religious duty. Zakat involves donating a portion of one’s wealth to the needy, supporting a fairer society.
Indonesia’s national zakat agency, Baznas RI, targets Rp50 trillion ($3 billion) in islamic donations by 2025. Fasset and Salam Setara see potential in using blockchain to enhance the digital zakat ecosystem.
Putri Madarina, Fasset’s Country Director in Indonesia, saeid, “This initiative integrates technology into social worship, especially during Ramadan. We plan to expand globally to facilitate more crypto-based zakat payments.”
Vikra Ijas,Kitabisa’s CEO,added,”We aim to enhance zakat literacy through technology,reducing poverty sustainably.”
With 22.9 million crypto users in Indonesia, mostly aged 18-30, there’s a growing demand for crypto usage. This partnership could revolutionize Islamic donations, making them more accessible and efficient.
