The Maldives Inland Revenue Authority (MIRA) has announced the collection of USD 6.6 million in Zakat al-Mal for the year 2024. Zakat al-Mal, a mandatory form of almsgiving in Islam, represents a structured approach to wealth purification and societal welfare, requiring Muslims to annually donate a portion of their wealth to support those in need.
In 2023, MIRA collected USD 5.8 million in Zakat al-Mal. This indicates a 12.9% increase in collections for 2024.
Statistics from MIRA reveal that USD 629,631 was collected in December 2024 alone, compared to USD 415,836 in December 2023. This represents a significant 51.5% increase in the amount collected in December 2024.
The Nisab, or minimum threshold of wealth that obliges an individual to pay Zakat, is determined by the Ministry of Islamic Affairs. As of 10 October 2024, the current Nisab for Zakat al-Mal is USD 599.41. The calculation considers various assets, including gold and silver, particularly if the Zakat al-Mal payment is made in cash.
Some scholars advocate for using the price of silver when calculating the Nisab for Zakat al-Mal, as it is more beneficial for the poor due to its affordability and accessibility compared to gold. In the Maldives, the price of silver is determined by the Maldives Monetary Authority (MMA), and the Nisab is published on the Maldives Zakat House website. The Nisab varies throughout the year, influenced by fluctuations in the international silver markets.
Since 1 June 2016, Zakat al-Mal has been collected by MIRA. Payments can be made at the MIRA Taxpayer Service Centre, as well as at MIRA branches or collection centres established outside Malé City. For islands without a MIRA office, Zakat al-Mal can be paid at the Secretariat of the Local Council.