Ministry of Islamic Affairs has started works to distribute Zakat-al-Mal, revealing that over USD 778,000 will be distributed.
The ministry disclosed that the Zakat collected will be distributed to the poor and vulnerable groups who meet the set criteria, after the ministry thoroughly review the list of such individuals the ministry monitored since 2021. It revealed that Zakat-al-Mal will be distributed to 3,183 individuals this year.
Furthermore, the ministry revealed that the amount beneficiaries receive has increased compared to previous year. While this year, recipients are to receive USD 259 per head, last year, individuals received USD 227. Meanwhile, in 2022, the ministry distributed USD 194.5 per head and USD 175 per head in 221.
The government is exerting several efforts aimed at enhancing the works pertaining to the collection and distribution of Zakat. Under these efforts, it established the Maldives Zakat House speacilised to manage the works of Zakat. The Zakat House has provided financial assistance worth USD 1 million from the Zakat Fund, for medical treatment.
The ministry stated that the efforts of increasing public awareness regarding Zakat-al-Mal delivered tangible results, as the number of individuals who submitted Zakat payments increased. 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 person who meets the minimum amount of wealth (Nisab) must pay their share of Zakat al-Mal.
The current Nisab for Zakat al-Mal is USD607. The value of gold and silver is considered in determining the Nisab for Zakat. Therefore, the Nisab changes due to alterations in the price of gold and silver in the world market.