The Maldives Inland Revenue Authority (MIRA) has reported a total of USD 3.7 million received as Zakat-al-Mal in February 2024. This amount reflects a 16.7% increase compared to the USD 3.2 million collected in February 2023.
According to MIRA's latest records, a total of USD 6.1 million has been collected as zakat on wealth so far in the current year. This marks a decrease from the USD 6.6 million collected during the same period in 2023. Maldivians are mandated to submit Zakat al-Mal to MIRA, either at its service centers or other branches across the atolls. In instances where there are no MIRA collection centers established, the responsibility falls to the island council.
Zakat al-Mal constitutes a portion of the wealth and property that Muslims are obligated to pay annually to support the poor within their community. It is levied on specific assets identified by Islamic law as having the potential for growth. Individuals who meet the minimum wealth requirements are required to pay Zakat al-Mal, with the minimum threshold known as Nisab.
The Nisab threshold is determined by the Ministry of Islamic Affairs, with the last adjustment to the property Zakat rate made in August 2023. Presently, the Nisab limit stands at USD 463.68.