Nisab of zakat al-mal raised to MVR 7,062

Islamic Ministry has increased the nisab or threshold figure for zakat al-mal to MVR 7,062.65.

According to the Islamic Ministry, the change took effect Monday, January 30.

The nisab was last changed in September 2022, when it was set to MVR 5,777.45.

The new figure is an increase of MVR 1,285.2.

Zakat al-mal is the obligation upon every Muslim man and woman having certain amount of wealth kept for a year, to pay a certain amount to deserving people.

Those who have held savings of MVR 7,062.65 for over a year will therefore be obligation to pay 2.5 percent as zakat.

In Maldives, nisab is calculated using the price of silver in the market.

The price of silver is set by the central bank of Maldives, MMA.