MIRA collects double the amount for Zakat al-Mal in May

Maldives Inland Revenue Authority (MIRA) has collected double the amount for Zakat al-Mal during May.

The statistics revealed in the financial report of May shows that USD590,142 was collected as Zakat al-Mal during the month of May. This is a remarkable 102% increase compared to the USD291,828 collected in May 2023.

Additionally, the statistics indicates that MIRA has collected USD3 million up to this date. This is a 3.5% decrease compared to the same period in 2023, where MIRA collected USD3.1 million.

MIRA has been collecting Zakat al-Mal since 2016 while the Ministry of Islamic Affairs continues to collect Zakat al-Fitr.

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 person who meets the minimum amount of wealth (Nisab) must pay their share of Zakat al-Mal. The current Nisab for Zakat al-Mal is USD607.

The value of gold and silver is considered in determining the Nisab for Zakat. Therefore, the Nisab changes due to alterations in the price of gold and silver in the world market.