Maldives Inland Revenue Authority (MIRA) has revealed that USD5.3 million in Zakat al-Mal has been collected as of November this year, which is a 2.8% increase compared to the USD5.2 million collected in the same period last year.
However, the Zakat al-Mal collected in the last four months was lower compared to the same period last year. As such, USD319,000 was collected in November 2022, which is a 48% decrease compared to the USD612,000 collected in November 2021. The Ministry of Islamic Affairs stated that the monthly decrease in Zakat al-Mal is because businesses usually pay the amount at various times of the year.
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. The Islamic ministry reduced the Nisab for Zakat al-Mal from USD469 to USD373 in September. Nisab is the minimum amount of wealth that must be owned by a person before he or she is obligated for Zakat al-Maal.
Maldivians are required to submit Zakat al-Mal to MIRA. As such, individuals can pay the amount or review the amount to be paid as Zakat al-Mal on the official website. Maldivians were previously required to submit Zakat al-Mal to the Islamic ministry. However, the government transferred the responsibility of collecting Zakat al-Mal to MIRA in 2016.