The Maldives Inland Revenue Authority (MIRA) has disclosed the collection of USD 5.4 million in Zakat al-Mal as of November this year.
This represents a USD 136,000 increase compared to the corresponding period last year. Additionally, November 2023 saw a collection of USD 460,000, surpassing the USD 318,000 recorded in November 2022. The highest monthly collection in 2023 occurred in April, amounting to USD 1.5 million.
MIRA has been responsible for Zakat al-Mal collection since 2016, while the Ministry of Islamic Affairs oversees Zakat al-Fitr. Last year, MIRA collected USD 6 million in Zakat al-Mal.
Zakat al-Mal constitutes a mandatory annual contribution from Muslims, involving a portion of their wealth and property to aid the less fortunate in their community. Governed by Islamic Law, Zakat is imposed on specific assets with growth potential. Individuals meeting the minimum wealth threshold (Nisab) must contribute their share of Zakat al-Mal, with the current Nisab set at USD 464.