Ministry of Islamic Affairs has announced it has changed the Nisab for Zakat al-Mal to USD458.
The Islamic ministry changed the Nisab to USD458 on January 30, which is an increase compared to the previous Nisab of USD375.
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. Nisab is the minimum amount of wealth that must be owned by a person before he or she is obligated for Zakat al-Mal.
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.
MIRA collected USD5.9 million as Zakat-al-Mal in 2022.