Ministry of Islamic Affairs has announced the increment of Nisab for Zakat al-Mal from USD 375 to USD 458.
Zakat al-Mal is a part of the wealth and property that Muslims must pay annually, to help the poor of their community. Zakat al-Mal is only required once a Muslim reaches a certain financial threshold known as Nisab. If a Muslim does not reach this threshold, Zakat Al-Mal is not required from him or her.
The ratio is adjusted in response to changes in the price of gold and silver in the world market. The value of money in silver is the most beneficial for the poor in small countries such as the Maldives.
Maldives Inland Revenue Authority (MIRA) collected USD 5.9 million as Zakat-al-Mal in the previous year.
To pay Zakat-al-Mal online, visit https://www.mira.gov.mv/MIRAconnect/VaaruPay/ZakatIdentification
