In October, MIRA collected MVR 6.5 million in property zakat, marking a significant rise from the MVR 3.2 million recorded in the same month last year. The cumulative property zakat revenue from MIRA until October stands at MVR 76,614,439 million, consisting of MVR 76,570,170 million and USD 2,888. In the corresponding period last year, MIRA reported MVR 76,743,636 million in property zakat revenue.
Zakat on property is a financial obligation applicable to individuals who have completed a year of ownership of their assets. The Islamic Ministry in the Maldives determined the obligation for zakat issuance and revised the zakat regime in August this year. The current prescribed zakat amount is MVR 7,151.90.
The valuation for zakat on property is influenced by the price of silver in the Maldives. Changes in global gold and silver prices impact the zakat obligation on commodities. Individuals with money in hand or banks must contribute 2.5 per cent of their property value as zakat annually, following a year of the Hijri calendar.
Since 2016, MIRA has been responsible for collecting property zakat, now offering online payment options for contributors. The MIRA website provides a platform for individuals to verify their zakat liabilities.