Nisab of zakat al-mal lowered again

Residents of Male' City offer Fitr al-Zakat at the collection point set up at the Ministry of Islamic Affairs. (Photo/Ministry of Islamic Affairs)

Islamic Ministry has lowered the nisab or threshold figure for zakat al-mal for the second time this year.

Islamic Ministry announced on Thursday that starting September 20, the nisab to be liable for zakat al-mal is MVR 5,777.45.

The nisab was last changed in June, when it was set to MVR 6,396.25.

The new figure is a reduction of MVR 618.80.

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 5,777.45 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.