The Nisaab at which paying Zakat-al-mal becomes obligatory has decreased to MVR 19,266.10.

Maldives Zakat House stated that as Zakat-al-mal is calculated based on the price of silver, starting today, the Nisaab for Zakat-al-mal to become obligatory in the Maldives has been set at MVR 19,266.10, which equates to 595 grams of silver at the rate of MVR 32.38 per gram.

The last change to the Nisaab for Zakat-al-mal was brought on April 21 earlier this year. At that time, it was set at MVR 21,836.50.

Changes are brought to the Nisaab in accordance with fluctuations in the price of gold and silver in the global market. The Ministry of Islamic Affairs has previously noted that scholars state pricing money against silver when determining the Nisaab threshold for Zakat-al-mal is the most beneficial approach for the poor in small nations like the Maldives.

Paying Zakat-al-mal becomes religiously obligatory when money meeting or exceeding the Nisaab threshold is held for the duration of one Hijri year. The amount required to be paid as Zakat-al-mal is one-fortieth of that total, which is 2.5 percent.