The Maldives Inland Revenue Authority (MIRA) has reported a significant increase in Zakat al-Mal collection for the current fiscal year, with the state collecting USD 3.29 million between January and April.
This figure represents an 8.7 percent increase compared to the USD 3.02 million collected during the same period last year, reflecting growing compliance and awareness among taxpayers regarding their religious financial obligations.
According to the latest statistics released by the state tax authority, February witnessed the highest monthly collection of Zakat al-Mal this year, with USD 765,500 received in a single month. The monthly breakdown reveals that USD 392,350 was collected in January, followed by the peak in February. March recorded USD 1.78 million, while April saw USD 350,325 in contributions.
The rate of Zakat al-Mal, which represents the minimum obligatory amount that property owners must pay on their assets, is determined through a systematic process involving multiple government institutions. On 21 April, the Maldives Zakat House fixed the rate of zakat on silver at 36.70 per gram based on the market price of 21,836.50 per gram. The Central Bank, Maldives Monetary Authority (MMA) announces the prevailing prices of gold and silver in the market, meaning that the property zakat rate fluctuates in accordance with changes in global precious metal markets.
Zakat al-Mal constitutes a fundamental religious obligation for all individuals who have reached the age of maturity, encompassing every eligible citizen and resident within the Maldives. Unlike some religious contributions that are confined to specific periods, Zakat al-Mal can be paid at any time throughout the calendar year, offering individuals flexibility in fulfilling this spiritual duty.
The state has streamlined the payment process through MIRA, which enables taxpayers to fulfill their obligations online via the authority's official website. The digital platform also allows individuals to calculate the exact amount of property zakat they are required to pay, ensuring transparency and convenience in the compliance process.