The Maldives Inland Revenue Authority (MIRA) has received USD 648,000 as Zakat-al-Mal in the past month, double the amount collected during the same period last year, according to figures released by MIRA.
MIRA collected a total of USD 687,930.36 in Zakat-al-Mal last month, representing a 145 per cent increase from USD 278,876.52 collected during the same month last year.
According to official statistics, USD 3.99 million has been collected as Zakat-al-Mal so far this year. This marks a 21 per cent increase compared to USD 3.29 million collected in the same period last year.
Zakat-al-Mal is a religious obligation required of individuals whose wealth has reached the nisab threshold and has remained above the threshold for one lunar year. It can be paid at any time of the year.
The Ministry of Islamic Affairs determines the obligatory nisab for Zakat-al-Mal in the Maldives. The Ministry last revised the nisab in April this year. The current nisab is USD 600.
The nisab is based on the value of gold and silver, and changes according to changes in the price of gold and silver in the global market. If an individual possesses wealth equal to or greater than the nisab for over a lunar year, he is obliged to pay 2.5 percent of his wealth as Zakat.