The Ministry of Islamic Affairs has increased the minimum set amount of income or ‘Nisab’ that one must earn before having to pay Zakat Al-Mal.
Nisab is considered the minimum amount that a Muslim must earn before they are obliged to pay zakat.
From December 2019 to December 2020, the set Nisab amount for Zakat Al-Mal was MVR 4950.40. Yesterday, the Ministry stated that this value has been increased to MVR 6961.50, which is an increase of about 40 percent.
In the Maldives, the value of Nisab is based on the price of silver. The central bank, Maldives Monetary Authority outlines the price of silver in the Maldivian market.
Zakat Al-Mal is an obligatory tenet of Islam and is to be paid by every Muslim. Zakat payments are collected by Maldives Inland Revenue Authority.