Zakat al-Mal collections doubled in June compared with the same month last year.
According to the Maldives Inland Revenue Authority (MIRA)'s financial report for June, the state received USD 1.37 million in Zakat al-Mal during the month. This compares with USD 687,418.94 collected in June last year, representing a 100 percent increase.
Zakat al-Mal is a religious obligation payable by every Muslim whose wealth has remained above the prescribed nisab (minimum threshold) for one full lunar year. It may be paid on any day of the year once the obligation becomes due.
Official figures show that the state has collected USD 5.16 million in Zakat al-Mal so far this year. During the same period last year, collections totalled USD 3.99 million, meaning revenue has increased by 29 percent.
The nisab is the minimum amount of wealth a person must possess before Zakat al-Mal becomes obligatory. On 21 April, the Maldives Zakat House announced that the nisab for paying Zakat al-Mal in cash had been set at USD 1,416.12, based on the value of 595 grams of silver at a rate of USD 2.38 per gram.
The Maldives Monetary Authority (MMA) publishes the market prices of gold and silver used for these calculations. As global gold and silver prices fluctuate, the nisab is adjusted accordingly.
In the Maldives, Zakat al-Mal is collected by MIRA. Payments can also be made online, and individuals can use MIRA's website to calculate the amount of Zakat they are required to pay.