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zakat al mal

MVR 13.2 Million in First-Quarter Zakat Collection: MIRA

As the first quarter of 2021 draws to a close, the government has collected a total of MVR 13.2 million in zakat-al-mal
According to the statistics published by Maldives Inland Revenue Authority (MIRA) in March, MVR 13.2 million was collected as zakat-al-mal by the government. This is a MVR 1.3 million increase from last year’s first quarter.
MVR 4.78 million had been collected as zakat-al-mal in the past month, which is a 2.8% decrease from the previous year's collection.
Zakat-al-mal is one of the five major tenets of Islamic practice. Muslims pay 2.8% of all wealth above a given threshold value (a nisaab) which they had saved for the period of a year. The responsibility of collecting zakat-al-mal had previously been handled by the Ministry of Islamic Affairs prior to MIRA.
This year’s zakat-al-mal nisaab estimate decided by the Islamic Ministry was MVR 6,961.50.