Nisab of zakat al-mal raised to MVR 19,527.90 in second change this year

The Maldives Zakat House has raised the nisab or threshold figure for zakat al-mal – marking the second time for it to be raised this year.

In a statement on Sunday, the agency announced that the nisab for zakat al-mal has been changed to MVR 19,527.90.

This marks an increase of over MVR 8,000 from the previous nisab of MVR 11,191.95 set back in August.

According to the Zakat House, the new nisab is based on the value of 595 grams of silver, calculated at the rate of MVR 32.82 per gram.

Zakat al-mal is the obligation upon every Muslim man and woman having certain amount of wealth kept for a year, to pay a certain amount to deserving people.

Those who have held savings of MVR 19,527.90 for over a year will therefore be obligation to pay 2.5 percent as zakat.

In Maldives, nisab is calculated using the price of silver in the market.

The price of silver is set by the central bank of Maldives, MMA.