The state collected USD 1.10 million in Zakat al-Mal in July, according to statistics released by the Maldives Inland Revenue Authority. The monthly collection represents a 43 per cent increase compared with the USD 778,210.12 received during July of last year, the tax authority’s financial report shows. Zakat al-Mal, which can be paid at any point during the year, constitutes a religious obligation for every individual whose wealth meets the 'Nisab' threshold and has been held for a full lunar year.
So far this year, total collections have reached USD 6.29 million, marking a 31 per cent increase from the USD 4.73 million gathered over the corresponding period last year. The Maldives Zakat House established the cash Nisab at USD 1,416.12 on 21 April, calculated on 595 grams of silver valued at USD 2.38 per gram. Because the Maldives Monetary Authority, the central bank, discloses market rates for gold and silver, the threshold fluctuates in response to global commodity valuation shifts.
While the revenue authority collects payments and hosts an online calculation portal, the Zakat House manages the disbursement of funds. Last month, it deposited these funds to individuals registered in the national registry of the poor and needy up to the first day of Hajj. Each of the 2,384 registered recipients received USD 356.68, amounting to USD 850,324.25. Official records confirm that this per capita allocation exceeds last year’s distribution, representing the largest individual payout recorded to date.