The Maldives Zakat House has announced an increase in the Nisab for Zakat-al-Mal to USD 606. This amount represents the minimum wealth threshold a person must own before becoming obligated to pay Zakat on their property. Zakat House adjusted the Nisab for Zakat-al-Fitr on January 22, setting it at USD 463.
Zakat is one of the five pillars of Islam and is an obligatory act required to be performed by every adult, able-bodied Muslim. It is levied only on specific assets identified by Islamic Law as having the potential for growth. Zakat further involves paying a portion of wealth and property annually to help the poor in the community, provided the individual has maintained sufficient wealth over a Hijri year. The obligated amount is one fortieth, or 2.5%, of the qualifying assets, in accordance with Islamic Sharia.
Furthermore, the mandatory Nisab for Zakat-al-Mal is based on the value of silver, with the rate fluctuating with global prices of gold and silver.
In the Maldives, individuals are required to submit Zakat-al-Mal to the Maldives Inland Revenue Authority (MIRA). They can pay or review the amount payable via MIRA's official website.