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Nisab of Zakat-al-Mal rises

Mohamed Rehan
02 February 2023, MVT 18:33
[File] The Ministry of Islamic Affairs accepts Zakat from individuals
Mohamed Rehan
02 February 2023, MVT 18:33

The Nisab of Zakat-al-Mal has increased to MVR 7,062.65, according to the Ministry of Islamic Affairs.

Nisab is the minimum amount that a Muslim must have saved before being obliged to give zakat after calculating necessary expenses.

According to the ministry, Zakat-al-Mal’s Nisab was previously at MVR 5,777.45 which has risen effectively from February 2023.

Muslims must pay 1/40 (2.5 percent) of their wealth, after deducting their expenses, after the completion of one Hijri-calendar year.

The value of Nisab changes depending on the fluctuation of gold and silver values in the global market. The Maldives calculates Nisab against the value of silver, which religious clerics claim is the most beneficial way for the poor in smaller nations like Maldives.

Almsgivers can pay their Zakat-al-Mal through the Maldives Inland Revenue Authority (MIRA).

Zakat-al-Mal collection stood at MVR 92 million last year, the alms distributed fairly among the poor.

The Ministry of Islamic Affairs had released an updated list of individuals deserving of Zakat last year with 9,041 people, which is 2,000 lower than the previous list.

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