Ministry of Islamic Affairs has announced it has changed the Nisab for Zakat al-Maal to USD469.
Nisab is the minimum amount of wealth that must be owned by a person before he or she is obligated for Zakat al-Maal. The ministry stated the change was implemented on March 17. Previously, the rate of Zakat al-Maal was USD445.
Maldivians are required to submit Zakat al-Maal to the Maldives Inland Revenue Authority (MIRA). As such, customers can pay the amount or review the amount to be paid as Zakat al-Maal on the official website. Maldivians were previously required to submit Zakat al-Maal to the Islamic ministry. However, the government transferred the responsibility of collecting Zakat al-Maal to MIRA in 2016. Statistics from MIRA show the country received USD822,000 as Zakat al-Maal in the first two months of this year.
Zakat al-Maal is a part of the wealth and property that Muslims must pay annually, to help the poor of their community. Zakat is levied on specific assets only, identified by Islamic Law as assets having the potential for growth. Any man or woman who meets the minimum requirements of wealth must pay their share of Zakat al-Maal.