Zakat al-mal collections in the Maldives rose by 16.7% in February compared to the same period last year, according to figures released by the Maldives Inland Revenue Authority (MIRA). Collections for February totalled MVR 5.8 million, surpassing the MVR 5 million collected during the same month in 2023.
Zakat al-mal (zakat on wealth) is a religious obligation upon Muslims who possess wealth exceeding a specific threshold, known as the nisab. It involves paying 2.5% of one’s eligible assets after those assets have been held for a full lunar year.
So far, in 2024, the Maldives has collected MVR 9.4 million in Zakat al-mal, a slight decrease compared to the MVR 10.1 million collected within the same period last year. Collection of Zakat al-mal falls under the purview of MIRA.
Zakat al-mal can be paid at any time and is accepted at MIRA service centers, branches, and designated collection centers in the atolls. In areas without a dedicated MIRA facility, payments can be made through the local council office.
The Ministry of Islamic Affairs sets the nisab for Zakat al-mal, adjusting it based on fluctuations in the global price of gold and silver. The current nisab for Zakat al-mal is 7,140 rufiyaa.
