Maldives Inland Revenue Authority (MIRA) has received USD 4.7 million in Zakat-al-Mal contributions so far this year, revenue statistics have shown.
MIRA’s July revenue figures showed that Zakat-al-Mal collection in the first seven months is 10 percent more than the USD 4.3 million posted during the same period last year.
According to the figures, MIRA had collected USD 778,210 in July as Zakat-al-Mal, down from USD 972,760 in July last year.
Zakat-al-Mal is a religious obligation required of individuals whose wealth has reached the nisab threshold and has remained above the threshold for one lunar year. It can be paid at any time of the year.
The Ministry of Islamic Affairs determines the obligatory nisab for Zakat-al-Mal in the Maldives. The Ministry last revised the nisab in April this year. The current nisab is USD 600.
The nisab is based on the value of gold and silver, and changes according to changes in the price of gold and silver in the global market. If an individual possesses wealth equal to or greater than the nisab for over a lunar year, he is obliged to pay 2.5 percent of his wealth as Zakat.