The Islamic Ministry has revised the 'Nisab' applied on Zakat al Mal for this year.
Zakat al Mal is a religious obligation for all Muslims who meet the necessary criteria of wealth and is a mandatory charitable contribution. Each year, the Islamic Ministry decides on a Nisab, the minimum amount that a Muslim must have before being obliged to give Zakat. The ministry in April set the Nisab at MVR 6,951,.50.
However, the ministry on Tuesday said the Nisab has been revised to MVR 6,878,20 from August 20 onwards. Therefore, the Zakat will be required to be paid by those whose personal wealth was above the revised Nisab for one lunar year.
According to statistics released by Maldives Inland Revenue Authority (MIRA), MVR 33.3 million was collected by the authority as Zakat al Mal this year until the end of August. However, MVR 44 million was collected during the same period last year. While MVR 8.3 million was collected as Zakat this August, MVR 9.5 million was collected during August, 2019.