Q: When I started working, I took out an educational plan for my children however they misinterpreted my plan for a retirement plan. Am I allowed to use the money from this retirement plan even though the intention was for an educational plan?
A: The capital amount can be used. The excess must be given out in charity. If the account was for the children before they could come of age then this wealth will belong to them.
And Allah Ta’ala (الله تعالى) knows best.
Mufti Ebrahim Salejee (Isipingo Beach)