Ministry of Islamic Affairs has announced it has changed the Nisab for Zakat al-Mal to USD463. The Islamic ministry changed the Nisab to USD463 from August 29, which is a decrease compared to the previous Nisab of USD474 established in May this 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. 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 the Maldives Inland Revenue Authority (MIRA). As such, individuals can pay the amount or review the amount to be paid as Zakat al-Mal online. 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.