Zakat al-Mal Collections Reach MVR 17 Million in July, Year-on-Year Increase of 43%

The Maldives collected MVR 17 million in Zakat al-Mal in July, marking a 43 per cent increase compared to the MVR 12 million collected during the same month last year.

According to the Maldives Inland Revenue Authority’s (MIRA) July financial report, Zakat al-Mal collections have increased significantly so far this year. The state collected MVR 97 million in Zakat al-Mal between January and July, compared to MVR 73 million during the corresponding period last year, representing a 31 per cent increase.

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Zakat al-Mal is a religious obligation on Muslims whose wealth reaches the Nisab threshold and remains above the threshold for a full lunar year. The payment can be made at any time during the year.

The Maldives Zakat House set the Nisab for cash Zakat at MVR 21,836.50 on April 21. The threshold was calculated based on 595 grams of silver at a rate of MVR 36.70 per gram.

The Nisab represents the minimum amount of wealth a person must possess before Zakat becomes obligatory. The threshold is adjusted in line with fluctuations in global gold and silver prices, with market prices published by the Maldives Monetary Authority (MMA).

The Maldives Zakat House distributed Zakat al-Mal funds last month to individuals registered in its poor and needy registry up to the first day of Dhu al-Hijjah this year.

A total of 2,384 registered individuals received MVR 5,500 each, bringing the total disbursement to MVR 13.112 million.

According to Islamic Minister Dr. Mohamed Shaheem Ali Saeed, the MVR 5,500 per-person payment is higher than last year’s amount and represents the largest per-person Zakat al-Mal disbursement recorded in the Maldives to date.