The Ministry of Islamic Affairs has announced a revision to the Nisab threshold for Zakat al-Mal, setting it at USD 570.83, effective January 22, 2025. The new threshold marks a decrease from the previous USD 599.39, which was set in October 2024.
Zakat al-Mal is an obligatory Islamic practice requiring eligible Muslims to contribute a portion of their wealth annually to support those in need. The Nisab represents the minimum wealth a person must possess for Zakat to be applicable.
In the Maldives, the Islamic Affairs Ministry is responsible for determining the Nisab, primarily calculated based on the value of gold and silver. Some scholars advocate using the price of silver to set the threshold, as it benefits the less privileged due to its relatively lower value compared to gold.
The Maldives Monetary Authority (MMA) determines the silver price, and the updated Nisab is published on the Maldives Zakat House website. The Nisab fluctuates throughout the year in response to changes in global silver prices.
To be eligible for Zakat al-Mal, a full lunar year must pass after an individual's wealth reaches the Nisab. Since June 1, 2016, the Maldives Inland Revenue Authority (MIRA) has been tasked with collecting Zakat al-Mal. In 2024, MIRA reported a collection of USD 6.6 million in Zakat payments.