The Maldives Inland Revenue Authority (MIRA) collected approximately USD 6.7 million in Zakat Al-Mal during the first nine months of this year, according to its latest statistics.
MIRA’s September financial report shows that Zakat Al-Mal collections reached USD 6.7 million by the end of September, representing a 24 per cent increase compared with the USD 5.7 million collected during the same period last year.
In September alone, the government collected approximately USD 363,164 in Zakat Al-Mal, compared with USD 337,224 in September last year.
The nisab for Zakat Al-Mal is the minimum value of eligible wealth a person must possess before zakat becomes obligatory. As of 20 August this year, the nisab threshold was approximately USD 1,250.07.
Zakat Al-Mal is a religious obligation for Muslims whose eligible wealth meets the nisab threshold and remains at or above that level for one full lunar year. Zakat can be paid at any time during the year.
MIRA has been responsible for collecting Zakat Al-Mal since 1 June 2016. Payments can be made at MIRA’s taxpayer service centre, its branches and collection centres established across the atolls. On islands without a MIRA branch or collection centre, Zakat Al-Mal can also be paid through the island council office.