Assalamu alaykum ustadh. I’m a student and receive MVR 4,000/month as a Hafiz allowance. I expect my savings to remain above the Maldives nisab of MVR 21,836.50. Does zakat become due after one lunar year from when my savings first reach nisab, and is it then 2.5% of my total savings?

Ustadh AbdulAziz al-Haqqan

Yes, the year runs from the day your savings first reached the nisab, and you pay 2.5% of what you hold on that date, counting by the Hijri year and not the Gregorian. If the savings drop below the nisab before the year completes, the year is broken and nothing is due.