Maldives Zakat House has estimated that this year's total Zakat al-Mal collections will exceed the record set last year, which amounted to USD 10.99 million.
A record USD 6.94 million was collected as Zakat al-Mal last year.
Speaking on PSM News' "Raajje Miadhu" programme, Zakat House Director General Sheikh Imthithaau Abbas said collections received so far this year have increased compared with the same period last year. If the current trend continues, he said total Zakat al-Mal collections for the year are expected to surpass last year's record.
Imthithaau said that by the end of last month, nearly USD 5.19 million had been collected in Zakat al-Mal. He noted that this represented a 100 percent increase compared with June last year.
"With the introduction of the Zakat Act and the strengthening of Zakat House's operations, public confidence has increased and awareness has grown. Previously, because awareness was lower, fewer people paid zakat and the amount collected was smaller. Now, awareness continues to improve," Sheikh Imthithaau Abbas said.
According to the Maldives Inland Revenue Authority (MIRA)'s financial report for June, Zakat al-Mal collections during the month totalled approximately USD 1.37 million. This was double the approximately USD 687,000 collected in June last year, representing a 100 percent increase.
Zakat al-Mal is a religious obligation payable by Muslims whose wealth has remained above the prescribed "nisab" threshold for one full lunar year. It may be paid on any day of the year once the obligation falls due.
According to provisional figures, the state had received approximately USD 5.16 million in Zakat al-Mal so far this year. During the corresponding period last year, collections stood at approximately USD 3.99 million, marking an increase of 29 percent.
The current "nisab" or otherwise known as minimum wealth threshold at which Zakat al-Mal becomes obligatory is calculated based on 595 grams of silver at a rate of approximately USD 2.38 per gram, giving a threshold of approximately USD 1,416.12.
The Maldives is also in the process of implementing its first dedicated Zakat Act to strengthen the administration of zakat nationwide. The law establishes a comprehensive legal framework governing zakat matters, including the categories of zakat payable under the law, those liable to pay it, and the types of assets subject to zakat.
The Act also aims to ensure that zakat funds and assets are managed and distributed in a way that fulfils the objectives of zakat under Islamic principles, promotes social welfare and equity, and sets out the general principles for the administration, allocation and use of zakat funds.