The Maldives Inland Revenue Authority (MIRA) has reported a fourfold increase in the collection of Zakat-al-Mal in September, compared to the same month in 2023.

According to MIRA's September report, the authority collected USD 564,202 in Zakat-al-Mal, marking a remarkable 204% rise compared to the USD 181,582 collected during the same period last year. So far this year, the government has collected a total of USD 5.3 million in Zakat-al-Mal, reflecting a 17.1% increase from the USD 4.5 million collected in 2023.

Zakat-al-Mal is an obligatory annual contribution of wealth and property that Muslims must pay to help the needy within their community. It is levied on specific assets deemed capable of growth according to Islamic law. Anyone who possesses wealth above the minimum threshold, known as Nisab, is required to pay Zakat-al-Mal. The current Nisab is set at USD 607 by the Ministry of Islamic Affairs.

The Nisab is influenced by fluctuations in the global prices of gold and silver, and the Ministry made its latest adjustment to the Nisab in May. MIRA has been responsible for collecting Zakat-al-Mal since 2016, while the Ministry of Islamic Affairs continues to handle the collection of Zakat-al-Fitr.