Maldives Inland Revenue Authority (MIRA) has reported that the government has collected a total of USD 4.7 million as Zakat-al-Mal so far this year. This is a notable 9.8% increase compared to the USD 4.5 million collected last year. The statistics showed that majority of the Zakat-al-Mal was collected in July, a total of USD 1 million.
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 USD 607, as set by the Ministry of Islamic Affairs.
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. The latest modification to the Nisab was brought by the ministry in May. MIRA has been collecting Zakat al-Mal since 2016 while the Ministry of Islamic Affairs continues to collect Zakat al-Fitr.