The Dubai-based Fasset crypto trading platform partnered Salam Setara Amil Zakat Institution to provide zakat payment acceptance in cryptocurrency for Indonesian believers. Under this agreement Indonesian Muslims can perform their zakat using USDT (Tether) cryptocurrencies as Indonesia launches its first such program.
Fasset entered this partnership through a signing ceremony at its regional office location in Sudirman, Central Jakarta. This project brings blockchain technology to Islamic finance systems to better display religious donation activities and reach new donors.
Crypto Zakat Boosts Indonesia’s Donations
Indonesia receives high levels of zakat donations during Ramadan because its people make charitable giving a top priority while being one of the most populous Muslim countries on Earth. Baznas RI plans to gather $3 billion worth of Islamic donations from people in Indonesia by 2025 to strengthen the nation’s financial sector.
Putri Madarina from Fasset Indonesia says the crypto zakat project will begin operations in Indonesia with intentions to spread worldwide.
“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.
CEO Vikra Ijaz from Kitabisa supports the use of technology to build better understanding of zakat and make it work more efficiently in the economy.
“We hope this initiative can help reduce poverty through innovative and sustainable zakat management,” said Ijaz.
The authorities at Financial Services Authority report that Indonesia now has 22.9 million people investing in cryptocurrencies. A total of 62% of crypto investors belong to the young age group of 18 to 30.Fasset and Salam Setara Amanah Nusantara see how blockchain technology improves zakat payments by making them more transparent while attracting more digital donors.
As Indonesia grows its financial technology sector this crypto zakat model becomes a useful guide for Muslim-majority nations intending to use blockchain for their religious contributions.