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Zakat-al-Mal collected in September increases by fourfold: MIRA

Maldives Inland Revenue Authority (MIRA) has revealed that the amount collected as Zakat-al-Mal in September, has increased by fourfold, compared to September 2023.

The monthly report of September, publicised by MIRA, indicated that the authority collected a total of USD 564,202 as Zakat-al-Mal. This is a remarkable 204% increase compared to the amount collected within the same period last year, which stands at USD181,582. With these amounts, MIRA reported that the government has collected a total of USD 5.3 million as Zakat-al-Mal so far this year. This is a notable 17.1% increase compared to the USD 4.5 million collected last year.

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 USD 607, as set by the Ministry of Islamic Affairs.

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. The latest modification to the Nisab was brought by the ministry in May. MIRA has been collecting Zakat al-Mal since 2016 while the Ministry of Islamic Affairs continues to collect Zakat al-Fitr.