Bridging the gap: Malaysian Islamic fintech opens the doors for crypto donations

The value of Bitcoin around the world collectively stands at around US $160.4 billion. Bitcoin alone accounts for 0.4% of the world's money. On a conservative assumption that just 5% of this is owned by Muslims, it would easily amount to over US $8 billion, most of which should be eligible for zakat which will be a total of US$200 million! This alone has the power to change so many lives around the globe for the better.

Zakat is the obligatory charity calculated on 2.5% of liquid assets held for at least a full year. Since Bitcoin and its likes qualify as a liquid asset, Muslims must take care to include their cryptocurrency assets in the calculation for their zakat obligation. There are indeed many Muslims with cryptocurrency assets looking for an option to pay zakat.

GlobalSadaqah in collaboration with SINEGY and LuxTag has come together to facilitate cryptocurrency donations on their platform. A major aim of this collaboration is to raise awareness and to educate the community of Muslim cryptocurrency owners about the need to pay Zakat on their digital assets.

GlobalSadaqah is an award winning Islamic Social Finance Platform focusing on CSR, Zakat and Waqf Management. It features a wide range of campaigns from trusted and verified partners from across the globe.