Ministry of Islamic Affairs has reviewed and brought changes to the nisab of zakat al-mal.
Changes are usually brought to the minimum amount that one must have before being obliged to give zakat with the changes in the prices of gold and silver in the global market. Maldives, decide the minimum amount with reference to the price of silver in the global market. As such, changes in the price of silver would lead to a change in the minimum amount one have to pay for zakat al mal, in Maldives.
As such, the new nisab is MVR 7062.65.
During June 2022, the nisab was at MVR 6396.25 and was later changed to MVR 5777.45 in September.
Ministry of Islamic Affairs was collecting zakat al-mal before Maldives Inland Revenue Authority (MIRA) took over in 2016.
Statistics of MIRA shows that MVR 91.5 million was collected as zakat al mal in 2022.
Disclosing that MVR 91,539,895 was collected as zakat al mal by the end of December 2022, MIRA noted that this was a 0.4 percent increase compared to 2021.
By the end of 2021, MVR 91,519,250 was collected as zakat al mal, by MIRA.
Statistics shows that, MVR 91.4 million and USD 8,315 was collected as zakat al mal in 2022.
