Zakat collection at MVR 5 mln

Over MVR 5 million has been collected as Zakat-al-Mal thus far 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.

According to statistics, MVR 5.1 million was collected as Zakat-al-Mal in January. This is a decrease from the amount collected in January 2022. This amount stood at MVR 7.02 million during the same period last year. According to MIRA data, Zakat-al-Mal collection stood at MVR 91.5 million last year. In 2021, the amount collected was MVR 91.5 million.

Zakat-al-Mal was previously paid to the Ministry of Islamic Affairs. However, since 2016, the collection of Zakat has been transferred to MIRA. The authority has arranged for the payment of Zakat-al-Mal through its online platforms or in person at the MIRA office.

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 on January 30 set the Nisab as MVR 7,062.65. The Nisab is determined based on the prices of gold and silver available in the market.