Property Zakat collections in the Maldives doubled in the past month compared to January, according to recent statistics released by the Maldives Inland Revenue Authority (MIRA). The authority collected MVR 11.8 million in Property Zakat last month, marking a 99.5% increase from the MVR 5.9 million collected in January.

Collection Figures

MIRA’s monthly data indicates that the MVR 11.8 million collected in the past month represents a significant rise from the MVR 5.9 million gathered in January of the current year. This surge reflects a 99.5% increase in Property Zakat contributions over the two-month period.

Cumulatively, MIRA’s records show that a total of MVR 17.9 million has been collected as Property Zakat for the state so far this year.

Nisab Value and Calculation

The current Nisab for Property Zakat in the Maldives is set at MVR 19,527.90. This value was last adjusted on 21st December, prior to which it stood at MVR 11,191.95.

The Nisab amount for Property Zakat in the Maldives is determined based on the prevailing market price of silver. Changes in the price of silver directly influence the equivalent Maldivian Rufiyaa value of the Nisab, necessitating periodic adjustments to reflect these fluctuations.