Total collections for Zakat al-Mal, the mandatory Islamic wealth tax, reached USD 486,387.42 last month, a 73 per cent increase from the USD 278,896.09 recorded in May of the previous year, according to the Maldives Inland Revenue Authority ,(MIRA)’s May financial report.
This monthly surge reflects a broader upward trajectory for the fiscal year, with total state Zakat al-Mal revenues reaching USD 3.76 million by the end of May. That figure marks a 14 per cent increase compared with the USD 3.24 million collected during the same timeframe last year.
The wealth tax is a strict religious obligation for individuals whose personal assets meet a designated minimum threshold, known as the Nisab, for a full calendar year. The state tax authority serves as the primary collection agency, operating an online platform where citizens can verify required payment margins and electronically submit funds.
Because the central bank, the Maldives Monetary Authority, discloses market prices for gold and silver, this baseline threshold is regularly adjusted to reflect shifting international commodity values. Applying those dynamics, the Maldives Zakat House formalised on 21 April that the obligatory cash threshold stands at USD 1,416.47, derived from 595 grams of silver calculated at USD 2.38 per gram.
The resulting influx has yielded the highest per-capita distribution of Zakat al-Mal recorded to date, according to agency figures. Leading up to the first day of the Islamic month of Hajj, the Zakat House distributed USD 356.93 individually to 2,384 citizens officially documented on the registry of the poor and needy, resulting in a cumulative state disbursement of USD 850,909.86.