Maldives Inland Revenue Authority (MIRA) reports a 65% increment in the national collection of Zakat-Al-Mal.
According to the authority, it has collected a total of MVR38 million in Zakat-Al-Mal by the end of April 2022.
Furthermore, the revenue and taxation authority noted that the total Zakat-Al-Mal collected by the corresponding period in 2021 had reached only MVR23 million.
Meanwhile, the Ministry of Islamic Affairs had revised the nisab for Zakat-Al-Mal, setting it at MVR7,241.15 whereas the nisab for the Zakat was at MVR6,878.20 during August 2021.
Furthermore the annual total of Zakat-Al-Mal collected in 2021 stood at MVR90 million, which is a 48% increment compared to the annual collection of 2020 during which it had reached a total of MVR60 million.
The nisab of Zakat-Al-Mal is not an affixed amount, but rather it changes based on the trading levels of gold and silver. In the Maldives, the nisab of Zakat-Al-Mal has always been weighed against the trading levels of silver.