Islamic Ministry Sets Rate for Zakat al-Mal

MV+ News Desk | August 30, 2023
Photo: Ministry of Islamic Affairs

The Ministry of Islamic Affairs has officially announced that starting from the 29th of August 2023, the Zakat al-Mal (Mudhaluge Zakat) rate applicable for cash payments will be set at MVR 7,151.90 (Seven Thousand One Hundred and Fifety One Ruffiya and Nine Laari). 

This comes in accordance with the Ministry’s established procedure for calculating the Zakat al-Mal rate.

Zakat al-Mal is levied on currency, gold, and other valuable possessions possessed or leased by an individual. The prerequisite is that these possessions are obtained through legitimate means, surpass the specified threshold, and have been in ownership for a year. In compliance with Shari’ah principles, it is recommended to allocate 2.5% of the total amount as zakat.

Zakat holds a significant place within the principles of Islam, representing one of its pillars. 

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