diff --git a/NEWS b/NEWS
index 4c8dbb38b19..395cc3129f9 100644
--- a/NEWS
+++ b/NEWS
@@ -8,6 +8,10 @@ PHP                                                                        NEWS
 - Fiber:
   . Fixed bug GH-11121 (ReflectionFiber segfault). (danog, trowski, bwoebi)
 
+- FPM:
+  . Fixed bug GH-12232 (FPM: segfault dynamically loading extension without
+    opcache). (Jakub Zelenka)
+
 - Opcache:
   . Added warning when JIT cannot be enabled. (danog)
   . Fixed bug GH-8143 (Crashes in zend_accel_inheritance_cache_find since
diff --git a/Zend/zend_ini.c b/Zend/zend_ini.c
index 1b4710eb503..866e1b9c209 100644
--- a/Zend/zend_ini.c
+++ b/Zend/zend_ini.c
@@ -211,7 +211,6 @@ ZEND_API zend_result zend_register_ini_entries_ex(const zend_ini_entry_def *ini_
 	 * lead to death.
 	 */
 	if (directives != EG(ini_directives)) {
-		ZEND_ASSERT(module_type == MODULE_TEMPORARY);
 		directives = EG(ini_directives);
 	} else {
 		ZEND_ASSERT(module_type == MODULE_PERSISTENT);
diff --git a/sapi/fpm/fpm/fpm_php.c b/sapi/fpm/fpm/fpm_php.c
index 92b18966820..a9ad0433ba4 100644
--- a/sapi/fpm/fpm/fpm_php.c
+++ b/sapi/fpm/fpm/fpm_php.c
@@ -87,7 +87,9 @@ int fpm_php_apply_defines_ex(struct key_value_s *kv, int mode) /* {{{ */
 
 	if (!strcmp(name, "extension") && *value) {
 		zval zv;
+		zend_interned_strings_switch_storage(0);
 		php_dl(value, MODULE_PERSISTENT, &zv, 1);
+		zend_interned_strings_switch_storage(1);
 		return Z_TYPE(zv) == IS_TRUE;
 	}
 
diff --git a/sapi/fpm/tests/gh12232-php-value-extension.phpt b/sapi/fpm/tests/gh12232-php-value-extension.phpt
new file mode 100644
index 00000000000..207bd7a6779
--- /dev/null
+++ b/sapi/fpm/tests/gh12232-php-value-extension.phpt
@@ -0,0 +1,51 @@
+--TEST--
+FPM: gh12232 - loading shared ext in FPM config
+--SKIPIF--
+<?php
+include "skipif.inc";
+FPM\Tester::skipIfSharedExtensionNotFound('dl_test');
+?>
+--FILE--
+<?php
+
+require_once "tester.inc";
+
+$cfg = <<<EOT
+[global]
+error_log = {{FILE:LOG}}
+[unconfined]
+listen = {{ADDR}}
+pm = static
+pm.max_children = 1
+pm.status_path = /status
+catch_workers_output = yes
+php_admin_value[extension] = dl_test
+EOT;
+
+$code = <<<EOT
+<?php
+var_dump(extension_loaded('dl_test'));
+var_dump(ini_get('dl_test.string'));
+ini_set('dl_test.string', 'test');
+var_dump(ini_get('dl_test.string'));
+EOT;
+
+$tester = new FPM\Tester($cfg, $code);
+$tester->start();
+$tester->expectLogStartNotices();
+$tester->request()->expectBody(['bool(true)', 'string(5) "hello"', 'string(4) "test"']);
+$tester->request()->expectBody(['bool(true)', 'string(5) "hello"', 'string(4) "test"']);
+$tester->terminate();
+$tester->expectLogTerminatingNotices();
+$tester->close();
+
+?>
+Done
+--EXPECT--
+Done
+--CLEAN--
+<?php
+require_once "tester.inc";
+FPM\Tester::clean();
+?>
+<?php
diff --git a/sapi/fpm/tests/tester.inc b/sapi/fpm/tests/tester.inc
index ddab17162a2..fd341dd02b8 100644
--- a/sapi/fpm/tests/tester.inc
+++ b/sapi/fpm/tests/tester.inc
@@ -319,6 +319,17 @@ class Tester
         }
     }
 
+    /**
+     * Skip if shared extension is not available in extension directory.
+     */
+    static public function skipIfSharedExtensionNotFound($extensionName)
+    {
+        $soPath = ini_get('extension_dir') . '/' . $extensionName . '.so';
+        if ( ! file_exists($soPath)) {
+            die("skip $extensionName extension not present in extension_dir");
+        }
+    }
+
     /**
      * Tester constructor.
      *