Maldives Zakat al-Mal Collections Jump 73% in May as Annual Revenues Rise

Zakat al-Mal collections in the Maldives surged by 73% last month, with total revenues for May reaching USD 486,387.42, according to the latest financial report from the Maldives Inland Revenue Authority (MIRA). This sharp monthly increase contributes to a steady upward trend for the current fiscal year. Total state Zakat al-Mal revenues reached USD 3.76 million by the end of May, representing a 14% increase over the USD 3.24 million collected during the same period last year. Zakat al-Mal is a mandatory Islamic wealth tax required of individuals whose personal assets meet a minimum threshold, known as the Nisab, for a full calendar year. To streamline the process, MIRA operates an online platform allowing citizens to verify their payment obligations and submit funds electronically. The Nisab threshold is regularly adjusted based on the international market prices of gold and silver, as disclosed by the Maldives Monetary Authority. On April 21, the Maldives Zakat House formalized the obligatory cash threshold at USD 1,416.47, a figure derived from the value of 595 grams of silver calculated at USD 2.38 per gram. This increase in collections has led to the highest per-capita distribution of Zakat al-Mal recorded to date. In a disbursement coinciding with the start of the Islamic month of Hajj, the Zakat House provided USD 356.93 to each of the 2,384 citizens registered on the state's official registry of the poor and needy. In total, the state disbursed USD 850,909.86 to support vulnerable populations, underscoring the direct impact of the rising wealth tax collections on social welfare initiatives across the archipelago.