The Maldives Inland Revenue Authority (MIRA) has collected USD422,000 as Zakat al-Mal in October, which is twice the amount garnered in the same month of last year.
According to the latest statistics published by MIRA, the revenue collected as Zakat al-Mal in October this year is an increase compared to the USD208,000 received in the same month last year. The overall figures from January to October this year show a total collection of USD5 million, which is a slight decrease compared to the same period last year.
Ministry of Islamic Affairs reduced the Nisab for Zakat al-Mal from USD474 to USD463 in August. The Nisab is the minimum amount that a Muslim must have before being obliged to give Zakat is decided by the Islamic ministry on an annual basis.
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.