The Islamic Ministry has increased the Nisab for Zakat Al Maal.
In an announcement, the Ministry said that starting today, the Nisab for Zakat Al Maal has been set at MVR 7,151.90.
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.
Last year, the Ministry set a Nisab of MVR 7,062.65.
In the Maldives, Nisab is calculated using the price of Silver in the market.
The price of Silver is updated by the Central Bank of Maldives, MMA.
Since 2016, Maldives Inland Revenue Authority MIRA has been collecting Zakat Al Mal in the country and it can now be made via MIRA's online platform as well.
Islamic Ministry Statistics show that the Ministry has distributed MVR 26.8 million as Zakat Al Mal so far this year.
This has gone to 7,657 individuals registered on the Registry for the Poor and Needy which accounts for MVR 3,500 per head.
