The Maldives Zakat House has announced this year's Nisab for Zakat Al-Maal.
Today, it was said that starting on the 22nd of this month, the Nisab for Zakat Al-Maal is MVR 8,800.05.
The Islamic Ministry sets the Nisab for Zakat Al Maal. Last year, it was initially set at MVR 9.353.40 but was later lowered to MVR 9,240.35.
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
