MIRA collects over MVR 82 million in Zakat al-Mal

The Maldives Inland Revenue Authority (MIRA) has collected over MVR 82 million in Zakat al-Mal as of the end of September.

The monthly statistics released by MIRA shows it collected MVR 8.7 million in Zakat al-Mal in September alone. This is more than three times higher than the MVR 2.8 million in Zakat al-Mal collected in September 2023.

The total Zakat al-Mal collection as of September 30 stands at MVR 82.5 million – marking a 17 percent increase from the MVR 70 million collected during the same period last year.

The nisab or threshold figure for Zakat al-Mal was last changed by the Islamic Ministry in May, when it was raised to MVR 9,353.40.

Zakat al-Mal is the obligation upon every Muslim man and woman having certain amount of wealth kept for a year, to pay a certain amount to deserving people.

Those who have held savings of MVR 9,353.40 for over a year will therefore be obligation to pay 2.5 percent as zakat.

In Maldives, nisab is calculated using the price of silver in the market.

The price of silver is set by the central bank of Maldives, MMA.