Islamic Minister Dr. Mohamed Shaheem Ali Saeed has stated that the Zakat Fund has received MVR 98.6 million this year.

In the Islamic Ministry's media group, the Minister said today that this is the year with the highest amount of Zakat collected in the country's history.

"As of today, the Zakat Fund has received MVR 98.6 million in 2024. The goal is to increase the fund to at least MVR 100 million annually. And to provide extensive assistance to Zakat beneficiaries based on Sharia principles. This is the positive result of President Dr. Mohamed Muizzu's government establishing a special Zakat institution," Shaheem said.

In the Maldives, the nisab (minimum amount) for obligatory Zakat on wealth is determined based on the price of gold and silver. Accordingly, if a person has money in hand or in the bank equal to or exceeding the nisab amount, they are obligated to pay 2.5% of it as Zakat on wealth after the completion of one Hijri year.

Previously, Zakat on wealth was paid to the Islamic Ministry. However, since 2016, the collection of Zakat on wealth has been transferred to the Maldives Inland Revenue Authority (MIRA).

In a statement released by the Zakat House on the 13th of last month, it was announced that from the 10th of last month, the nisab for Zakat on wealth is MVR 9,240.35. This is MVR 113.17 lower than before. The Zakat House announced an increase in the nisab for Zakat on wealth on May 22 this year, from MVR 7,140 to MVR 9,353.40.