Islamic Ministry increases 'Nisab' for Zakat Al-Mal

Ministry of Islamic Affairs revealed that the nisab amount for Zakat Al-Mal has been reviewed and increased to MVR 7241.15 from March 17, 2022, onwards.  

This is an increase of MVR 362.95 from last year's nisab amount of MVR 6878.20.

Nisab is the minimum amount of wealth one must have before they are liable to pay zakat in Islam. It is obligatory for any individual who has had the nisab amount for a year, to give 2.5 percent of that to zakat.

In Maldives, nisab is based on the price of silver, and it changes based on the price fluctuations of it in the market.

The country’s central bank - the Maldivian Monetary Authority (MMA) outlines the price of silver in the Maldivian market. The authority has been responsible for collecting zakat since 2016.

Zakat is a form of obligatory charity and is one of the pillars of Islam.