Nisab for Zakat Payment Set at MVR 9,264.15 This Year

The Ministry of Islamic Affairs has announced an increase in the Nisab threshold for paying Zakat this year. As of yesterday, the minimum wealth requirement for Zakat al-Mal, which includes property and cash, is set at MVR 9,264.15. This is up from last year's Nisab of MVR 7,140.

Zakat becomes obligatory for Muslims whose wealth equals or exceeds the Nisab amount for a full lunar year. The standard rate for Zakat is 2.5% of the total value of eligible assets.

The adjustment reflects changes in global gold and silver prices, which determine the Nisab. Silver is currently priced at MVR 15.57 per gram, while gold is at MVR 1,601.52 per gram. The Ministry noted that scholars recommend using the value of silver to calculate Nisab in smaller countries like the Maldives, as it benefits a larger portion of the population.

Property Zakat is collected by the Maldives Inland Revenue Authority (MIRA). Last year, over MVR 100 million was collected in Zakat al-Mal.