Maldives Inland Revenue Authority (MIRA) has collected USD3.1 million as Zakat al-Mal by the end of May.
The amount collected until May this year is an increase of 11% compared to the USD2.8 million received in the same period last year. The statistics show that the MIRA collected USD331,000 in Zakat al-Mal in January, USD324,000 in February, USD720,000 in March, USD1.5 million in April, and USD292,000 in May.
Also in May, the Ministry of Islamic Affairs announced that the Nisab for Zakat al-Mal has been changed to USD474, which is an increase compared to the previous Nisab of USD457 established since in January last year. Nisab is the minimum amount of wealth that must be owned by a person before he or she is obligated for Zakat al-Mal.
Zakat al-Mal 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-Mal. 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.
Maldivians are required to submit Zakat al-Mal to MIRA. As such, individuals can pay the amount or review the amount to be paid as Zakat al-Mal online. Maldivians were previously required to submit Zakat al-Mal to the Islamic ministry. However, the government transferred the responsibility of collecting Zakat al-Mal to MIRA in 2016.