According to figures from the Maldives Inland Revenue Authority (MIRA), the state has collected USD 6.78 million in Zakat al-Mal by the end of August this year.
According to MIRA’s monthly financial report for August, the government received USD 454,545 in Zakat al-Mal during the month. This was lower than USD 519,481 collected in August last year.
Zakat al-Mal is a religious obligation on anyone whose wealth reaches the nisab threshold and remains at that level for one lunar year. It can be paid on any day of the year.
According to the figures, the government has collected USD 6.78 million in Zakat al-Mal so far this year. During the same period last year, the amount stood at USD 5.33 million, representing an increase of 27 percent.
The nisab for property zakat is the minimum amount of wealth a person must possess before they are required to pay zakat on it. As of the 20th of last month, the nisab threshold requiring the payment of property zakat was USD 1,251.05.
In the Maldives, zakat is collected by the government’s tax authority, MIRA. Zakat al-Mal can also be paid to MIRA online, and individuals can check the amount of property zakat they are required to pay through MIRA’s website.