Nisab for Zakat Al-Mal Raised to MVR 11,191.95

The obligatory threshold (nisab) for paying Zakat Al-Mal in the Maldives has increased to MVR 11,191.95, the Maldives Zakat House announced on Tuesday.

The revision marks a significant rise from the previous threshold of MVR 9,264.15 set in April this year. The adjustment was made in line with the institution’s procedure of calculating nisab based on fluctuations in the global prices of gold and silver.

Nisab refers to the minimum amount of wealth a Muslim must possess before being obligated to pay Zakat Al-Mal, which is an annual charitable levy on wealth. Once wealth equal to or above the nisab is held for one Hijri year, zakat becomes due at the rate of one-fortieth, or 2.5 percent, of that wealth.

According to the Zakat House, the current market price of silver stands at MVR 18.81 per gram, while gold is priced at MVR 1,652.10 per gram. The nisab is calculated as 595 grams for silver and 85 grams for gold. Scholars in the Maldives and elsewhere generally recommend using the silver-based calculation, as it ensures greater benefits for the poor, particularly in smaller economies.

The Islamic Ministry reiterated that the silver standard remains the preferred method for determining the threshold in the Maldives, citing its alignment with the principle of maximizing support for the needy.

Zakat Al-Mal in the Maldives is collected through the Maldives Inland Revenue Authority (MIRA) under the guidance of the Zakat House, with proceeds directed towards supporting social welfare and poverty alleviation initiatives.