The Ministry of Islamic Affairs has distributed Zakat al-Mal for the year at a higher rate than last year.
Last year, USD 259 was distributed per person on the national register of the poor and needy, which was the highest amount to date. However, according to the Ministry, this year, Zakat al-Mal was distributed at a rate of USD 324.
Zakat al-Mal, a mandatory Islamic practice of almsgiving that plays a vital role in wealth purification and societal welfare. This practice obliges Muslims to contribute a portion of their wealth annually to assist those in need.
Effective from 22 January, the new Nisab for Zakat al-Mal has been set at approximately USD 570.83, down from the previous figure of USD 599.39 established in October 2024. The Nisab represents the minimum wealth threshold necessitating the payment of Zakat.
In the Maldives, the Islamic Affairs Ministry is responsible for declaring the Nisab for Zakat al-Mal. The calculation encompasses a variety of assets, notably gold and silver, particularly when the payment is made in cash. Some scholars advocate using the price of silver to determine the Nisab, as it is more advantageous for the poor due to its affordability and accessibility compared to gold.
The Maldives Monetary Authority (MMA) sets the price of silver, and the Nisab is published on the Maldives Zakat House website. The Nisab is subject to fluctuation throughout the year, driven by changes in the international silver markets.
Zakat al-Mal payments require that a full lunar year has elapsed since the wealth reached the Nisab. Since 1 June 2016, the Maldives Inland Revenue Authority (MIRA) has been responsible for collecting Zakat al-Mal.