Malé, Maldives – Ministry of Islamic Affairs on Sunday announced that the Nisab amount for Zakat al-Mal starting Thursday is MVR 7241.15.
This is an increase of MVR 362.95 from 2021’s MVR 6878.20.
To be liable for zakat, one’s wealth must amount to more than a threshold figure, termed the ‘nisab’. In Maldives, Nisab is calculated using the price of Silver in the market.
The amount of zakat al-mal is a fourth of a tenth, i.e., 2.5 per cent of one’s wealth and can be paid at any time of the year. Zakat al-Mal is collected in the Maldives by Maldives Inland Revenue Authority (MIRA).