UAE’s Fasset collaborates with Indonesian charity platform to facilitate crypto donations

Fasset collaborates with the partner of the Kitabisa institution for Islamic donations to facilitate the payments of Zakat via USDT, which facilitates Indonesian crypto users to make religious donations.

In a press release sent to Crypto.News, Dubai-The crypto trading platform based on Fasset announced a partnership with Salam Setara Amil Zakat Institution – Kitabisa’s partner in the Zakat payment distribution – to launch a Crypto Zakat service. For the first time in IndonesiaFasset users will be able to make religious donations using cryptocurrency, in particular the USDT (USDT).

The partnership was marked by the signing of a memorandum of understanding at the Regional Bureau of the Company in Sudirman, in the center of Jakarta, Indonesia, on March 18. Collaboration aims to further advance the use blockchain Technology for Islamic finance.

Indonesia is known to have one of the largest Muslim populations in the world, with 87.06% of the Indonesian population identifying themselves as Muslims, based on the civil register data In 2023. During the month of Ramadan, many Muslim Indonesians felt the need to restore the community. One of the ways is to fulfill their Zakat obligations.

Zakat is a religious duty for Muslims, who forces them to give each year a small part of their wealth to those who need it. It is one of the five pillars of Islam, serving both a means of purifying its richness and supporting a more equitable society.

The National Agency of Zakat in Indonesia or Baznas RI aims to accumulate 50 billions of rupees (3 billion dollars) in Islamic donations by 2025 reflecting the important role of Zakat in the empowerment of the national economy.

Therefore, Fasset and Salam Setara Amanah Nusantara see the potential on the Indonesian market to use blockchain technology as an innovative solution to support the digital zakat ecosystem and facilitate Indonesian to make donations via crypto.

The Director of the Pays de Fasset Indonesia, Putri Madarina, said that the Crypto Zakat initiative of Fasset was launched first in Indonesia, but it plans to extend its services worldwide to facilitate more Zakat payments via Crypto.

“This is a strategic step to integrate technological innovation into social worship, in particular during the sacred month of Ramadan. We hope that this initiative will serve as a model for Islamic financial inclusion digital in Indonesia,” said Madarina, adding that the company plans to develop more fintech innovations in the future.

Kitabisa CEO Vikra Ijaz expressed his enthusiasm for collaboration, which he said can take advantage of “technological progress to improve Zakat literacy for the Indonesian community”.

“We hope that this initiative will be able to optimize Zakat’s potential in Indonesia, helping us achieve our common goal of reducing poverty through innovative and sustainable management,” said Ijas.

Data from the country’s Financial Services Authority show that cryptographic investors in Indonesia have reached 22.9 million users. Of the total crypto users in the country, around 62% of them are between 18 and 30 years old. This shows that there is a demand for broader cryptography, especially among the young generations.