Ministry of Islamic Affairs on Sunday announced that the Nisab amount for Zakat al-Mal starting Thursday is MVR 7241.15. An increase of MVR 362.95 from previous year.
In Maldives, Nisab is calculated using the price of Silver in the market. The amount of zakat al-mal is 2.5 percent of eligible people’s wealth and can be paid at any time of the year. Zakat al-Mal is collected in the Maldives by Maldives Inland Revenue Authority (MIRA).
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