Nisab of Zakat al-Mal raised to MVR 11,191.95

The Nisab of Zakat al-Mal has been raised, with the change effective from Thursday.

The Nisab of Zakat al-Mal was lowered from MVR 9,240.35 to MVR 8,800 seven months ago, on January 23^rd.

Maldives Zakat House, on Thursday, said Nisab of Zakat al-Mal has been raised to MVR 11,191.95. This is at a rate of MVR 18.81 per gram of silver.

In Maldives, Nisab is calculated using the price of silver in the market. The price change of silver will be reflected on Nisab.

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

This year, Zakat al-Mal was awarded for 2,852 people registered on the Islamic Ministry’s poverty registry at a rate of MVR 5,000 per person.

This an increase by MVR 1,000 compared to last year, when Zakat al-Mal was awarded at a rate of MVR 4,000 per person.