MIRA Collects Over MVR 82 Million in Zakat al-Mal 

The Maldives Inland Revenue Authority (MIRA) reported an increase in Zakat al-Mal collections, reaching over MVR 82.5 million as of the end of September. 

According to MIRA’s monthly statistics, MVR 8.7 million in Zakat al-Mal was collected in September alone, more than three times the MVR 2.8 million collected in September 2023.

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This year’s total marks a 17% increase compared to the MVR 70 million collected by the same time last year. The Islamic Ministry last revised the nisab, or threshold, for Zakat al-Mal in May, setting it at MVR 9,353.40. In the Maldives, Zakat al-Mal is obligatory for Muslims who have held savings above this amount for over a year, with a 2.5% payment required to assist those in need.

The nisab is calculated based on the market price of silver, which is determined by the Maldives Monetary Authority (MMA).