State Zakat al-Mal Collections Double to USD 1.37 Million in June

The Maldives state received USD 1.37 million in Zakat al-Mal collections during June, marking a 100 percent increase compared to the same period last year. According to the latest financial report from the Maldives Inland Revenue Authority (MIRA), collections in June of the previous year totaled USD 687,418.94. This monthly surge contributes to a broader upward trend in religious contributions for the year. Official figures reveal that the state has collected a total of USD 5.16 million in Zakat al-Mal so far this year, a 29 percent increase over the USD 3.99 million gathered during the same timeframe last year. Zakat al-Mal is a mandatory religious obligation for Muslims whose wealth remains above a prescribed minimum threshold, known as the nisab, for one full lunar year. Once this obligation becomes due, payments can be made at any time throughout the year. The threshold for these payments is tied to the market value of precious metals. On April 21, the Maldives Zakat House set the cash nisab at USD 1,416.12. This figure was calculated based on the value of 595 grams of silver at a rate of USD 2.38 per gram. To ensure accuracy amid global market volatility, the Maldives Monetary Authority (MMA) regularly publishes the market prices of gold and silver, which are used to adjust the nisab. These fluctuations directly influence the number of individuals required to make payments. In the Maldives, MIRA is the primary body responsible for collecting Zakat al-Mal. To streamline the process, the authority provides an online payment system and a digital calculator on its official website, allowing citizens to easily determine their required contributions based on current thresholds.