The Ministry of Islamic Affairs has announced a revision to the Nisab for Zakat al-Mal, a mandatory Islamic practice of almsgiving that plays a vital role in wealth purification and societal welfare.
Effective from 21 August, the new Nisab for Zakat al-Mal has been set at approximately USD 725.81, up from the previous figure of USD 600.88 established in April. The Nisab represents the minimum wealth threshold necessitating the payment of Zakat.
In the Maldives, the Islamic Affairs Ministry is responsible for declaring the Nisab for Zakat al-Mal. The calculation encompasses a variety of assets, notably gold and silver, particularly when the payment is made in cash. Some scholars advocate using the price of silver to determine the Nisab, as it is more advantageous for the poor due to its affordability and accessibility compared to gold.
The Maldives Monetary Authority (MMA) sets the price of silver, and the Nisab is published on the Maldives Zakat House website. The Nisab is subject to fluctuation throughout the year, driven by changes in the international silver markets.
Zakat al-Mal payments require that a full lunar year has elapsed since the wealth reached the Nisab. Since 1 June 2016, the Maldives Inland Revenue Authority (MIRA) has been responsible for collecting Zakat al-Mal.