Ministry Revises Zakat Al-mal Rate to MVR 8,800.05
Photo: Maldives Zakat House
The Ministry of Islamic Affairs has revised the rate of Zakat Al-mal in Maldives, setting it at MVR 8,800.05 from 22 January, replacing the previous rate of MVR 9,240.35 announced in October last year.
The Zakat Al-mal rate in Maldives is determined based on the value of silver, with the Ministry fixing the obligatory threshold, or ‘nisab’, each year. This threshold represents the minimum wealth required for zakat to be obligatory. If paid in cash, the amount is valued against either gold or silver, with Maldives adopting the silver standard to ensure greater benefit for the underprivileged.
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22 رَجَبُ 1446ހ. (22 ޖަނަވަރީ 2025) ވަނަ ދުވަހުން ފެށިގެން މުދަލު ޒަކާތް ވާޖިބުވާ ނިޞާބު:https://t.co/Wm3hnnSFa5 #zakathousemv #maldiveszakathouse— Maldives Zakat House (@ZakatHouseMv) January 23, 2025
The price of silver in Maldives, set by the Central Bank (Monetary Authority), directly influences the zakat threshold. Fluctuations in global silver prices result in periodic adjustments to the ‘nisab’, which is publicly announced via the Zakat House of Maldives website.
To fulfil the obligation, the property must meet the ‘nisab’ value and remain in the individual’s possession for a full Hijri year. Since 2016, the Maldives Inland Revenue Authority (MIRA) has been tasked with collecting property zakat, ensuring efficient funds management.
