The Islamic Ministry has lowered the Nisab for Zakat Al Maal.
In March, the Ministry announced that the Nisab of Zakat Al Maal has been set at MVR 7,241.15 for this year.
But in an announcement on Tuesday, the Ministry said that starting the 12th of this month, the Nisab for Zakat Al Maal has been set at MVR 6,396. 25.
The Ministry did not clarify why it had lowered the Nisab for Zakat Al Maal.
Last year, the Ministry had set the value at MVR 6,961.50 in April while it changed the Nisab for Zakat Al Maal in August 2021 as well. In August the Nisab was set at MVR 6,878.20.
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
