Ministry of Islamic Affairs has announced it has changed the Nisab for Zakat al-Mal to USD416.
Nisab is the minimum amount of wealth that must be owned by a person before he or she is obligated for Zakat al-Mal. The Nisab for Zakat al-Mal had previously been set in March as USD471. However, the Islamic ministry announced the Nisab has been changed to USD416, from June 12 onwards.
Zakat al-Mal is a part of the wealth and property that Muslims must pay annually, to help the poor of their community. Zakat is levied on specific assets only, identified by Islamic Law as assets having the potential for growth. Any man or woman who meets the minimum requirements of wealth must pay their share of Zakat al-Mal.
Maldivians are required to submit Zakat al-Mal to the Maldives Inland Revenue Authority (MIRA). MIRA customers can pay the amount or review the amount to be paid as Zakat al-Mal on the official website.