Ministry increases Nisab amount for Zakat Al-Mal

Zakat distribution process.

The government has increased the minimum set amount of income or Nisab that a person must earn before being obliged to pay the Zakat Al-Mal. 

In Islam, Nisab is the minimum amount that a Muslim must have earned before being obliged to give zakat

From December 2019 to December 2020, the set value or Nisab for Zakat Al-Mal was MVR 4950.40. Today, the Islamic Ministry said that the Nisab value had been increased to MVR 6961.50, which is an increase of MVR 2017.10.

In the Maldives, the value of Nisab is based on the price of silver and changes based on the price fluctuations of silver. Maldives Monetary Authority, the central bank 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. Maldives Inland Revenue Authority collects the payments of Zakat. 

According to statistics, it is believed that there are around 11,514 individuals in need in the Maldives.