The Maldives Inland Revenue Authority (MIRA) has reported a significant increase in Zakat al-Mal collections for May. The financial report reveals that USD 590,142 was collected during the month, a 102% increase from the USD 291,828 collected in May 2023.
Despite this surge, overall Zakat al-Mal collections for the year have decreased by 3.5%, totalling USD 3 million compared to USD 3.1 million during the same period last year.
MIRA has been collecting Zakat al-Mal since 2016, while the Ministry of Islamic Affairs continues to collect Zakat al-Fitr. Zakat al-Mal is an annual obligation for Muslims, involving a portion of wealth and property given to support the poor in the community.
This Zakat is levied on specific assets identified by Islamic law as having growth potential. Individuals who meet the minimum wealth threshold, known as Nisab, are required to pay Zakat al-Mal. Currently, the Nisab for Zakat al-Mal is set at USD 607, and it varies based on the global prices of gold and silver.
The increase in Zakat al-Mal collections reflects the community’s heightened sense of responsibility and the effectiveness of MIRA’s efforts in managing these contributions. However, the slight overall decline in yearly collections indicates the need for continued focus on promoting and facilitating Zakat payments to ensure sustained support for those in need.
