The Maldives Inland Revenue Authority (MIRA) has announced that MVR 101.9 million was collected in Zakat al-Mal for the year 2024, reflecting a 12.9 per cent increase from the MVR 90.2 million collected in 2023.

Zakat al-Mal, an obligatory form of charitable giving in Islam, requires Muslims to donate a portion of their wealth to those in need annually.

Statistics from MIRA show that MVR 9.7 million was collected in December 2024, marking a significant 51.5 per cent increase from the MVR 6.4 million received in the same month in 2023.

The Nisab, the minimum wealth threshold for Zakat al-Mal, is determined by the Ministry of Islamic Affairs. It was revised on October 10, 2024, and is now set at MVR 9,240.35. This amount is based on the value of silver, as silver pricing is generally considered more accessible and beneficial to those in need, compared to gold.

The Maldives Monetary Authority (MMA) determines the price of silver, and the Nisab is updated based on global silver market fluctuations. Zakat al-Mal becomes obligatory when an individual’s wealth reaches the Nisab and has been in their possession for one year.

Since 2016, MIRA has been responsible for the collection of Zakat al-Mal, which can be paid at MIRA’s Taxpayer Service Centre, its branches, or collection points outside Malé. For islands without a MIRA office, payments can also be made at the Secretariat of the Local Council.

The increase in Zakat collections highlights a growing awareness and commitment among the Maldivian population to this important charitable obligation, supporting the country’s ongoing social welfare initiatives.