Maldives Inland Revenue Authority (MIRA) has collected USD2.45 million as Zakat-al-Mal by the end of April.
The amount collected until April this year is an increase of 65% compared to the USD1.48 million received by the end of April 2021. The state received USD1.4 million as Zakat-al-Maal in April this year which is a 122% compared to the USD647,000 received during the same period last year, as per the statistics of MIRA.
Ministry of Islamic Affairs 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.
A record USD5.5 million was received in 2021 as Zakat al-Maal. The Islamic ministry revealed the USD5.5 million received as Zakat al-Mal 2021 was the highest amount collected as Zakat al-Mal in a single year which is also a significant increase compared to the USD3 million collected as Zakat al-Maal during 2020.
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. The Nisab, or the minimum amount that a Muslim must have before being obliged to give Zakat is decided by the Islamic ministry on an annual basis. The minimum amount for Zakat al-Mal in the Maldives this year is USD469.