The Maldives Inland Revenue Authority (MIRA) has reported a healthy growth Zakat al-Mal collections, reaching over USD 6 million as of October this year.
According to the authority’s latest financial report, this figure represents a five percent increase compared to the USD 5.7 million collected during the same period in 2024.
While overall year-to-date collection shows robust growth, the statistics for October revealed a marginal monthly dip, with USD 356,679 received this October compared to USD 363,164 during October last year.
Zakat al-Mal is a mandatory religious obligation for individuals whose wealth reaches the specific minimum threshold, known as the Nisab. In the Maldives, MIRA is tasked with collecting this levy, utilising a national standard determined by the fluctuating price of silver. This methodology, supported by religious scholars, is intended to ensure the rate of Zakat al-Mal is set optimally for the benefit of the poor. The amount of Maldivian currency payable as Zakat changes whenever the price of silver fluctuates.
The last adjustment to the Zakat al-Mal rate was implemented on August 21 of last year. The revised threshold now stands at USD 725.88, based on the value of 595 grams of silver priced at USD 1.22 per gram.
MIRA accepts Zakat al-Mal payments throughout the year and has digitised the process, allowing citizens to easily check the amount they owe and submit their payments online via the MIRA website.