Q: If we deposit some of our savings in a bank account for our children and years later we get that back with profit, is that profit permissible and how does is differ between a boy and a girl?
A: This is interest, hence haraam. This money must be given to the poor without the intention of receiving any reward.
And Allah Ta’ala (الله تعالى) knows best.
Answered by:
Mufti Zakaria Makada
Checked & Approved:
Mufti Ebrahim Salejee (Isipingo Beach)