The Islamic Ministry has set nisab for zakat Al Maal for the year 2022.
In an announcement yesterday, the Ministry said that starting Saturday, the Nisab of Zakat Al Maal has been set at MVR 7,241.15 for this year.
Last year, the Ministry had set the value at MVR 6,961.50 in April while it change the Nisab for Zakat Al Maal in August 2021 as well. In August the nisab was set at MVR 6,878.20.
Islamic Ministry statistics show that in the first two months of this year, the state has received MVR 9.9 million as Zakat Al Maal. This includes MVR 7 million received in January and the other MVR 2 million received last month.
Islamic Ministry had revealed that it had received a total of MVR 90 million as Zakat Al Maal in 2021.
In Islam, Nisab is the minimum amount that a Muslim must have before being obliged to give zakat. It is a must for each individual who has had the nisab amount for a year, to give 2.5 percent of that as Zakat.
In the Maldives, Nisab is calculated using the price of Silver in the market.
The price of Silver is announced by the Central Bank of Maldives, MMA
