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Banking for Children: Permissible Profit and Gender Differences

Answered as per Hanafi Fiqh by Muftionline.co.za

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?

Bismillaah

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)


Original Source Link

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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