The Maldives Zakat House has reduced the nisab for Zakat payments following a decline in international silver prices.

The new nisab for monetary assets in the Maldives has been set at MVR 19,266.10, down from MVR 21,836.50 set on 21 April.

The nisab is the minimum amount of wealth or money a person must possess before Zakat becomes obligatory. In the Maldives, the nisab is determined based on the international price of silver.

Zakat House said determining the nisab based on silver is considered a beneficial and fair method for supporting those eligible to receive Zakat.

Zakat is an obligatory payment for Muslims who have held wealth above the nisab threshold for one lunar year. It can be paid at any time of the year.

The Maldives Inland Revenue Authority (MIRA) has facilitated Zakat payments since 2016, including online payments and self-assessment services.