The Islamic Ministry has lowered the Nisab for Zakat Al Maal.
On the 10th of this month, the Minister said that the Nisab for Zakat Al Maal was set at MVR 9.353.40. Today, the Ministry lowered this amount to MVR 9,240.35.
The Ministry did not clarify why it had lowered the Nisab for Zakat Al Maal.
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
