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Transferring your children’s money into your personal account?

 

Crisis in Syria
The on-going internal conflict in Syria has left a country shattered and millions of lives torn apart. Join the Jamiat KZN in its campaign to bring much needed emergency relief to our suffering Syrian brethren. Jamiat members will personally oversee aid to the refugees in neighbouring countries Insha’Allah.
Banking Details:
Nedbank, Argyle Road (131426)
Jamiatul Ulama (KZN) Relief Account
Account Number: 1355 154049
Reference: Syria Relief (Specify Lillah or Zakaat)
Any excess funds will be used for relief wherever and whenever the need arises.

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Q. I have children the ages of 4 and 7. They have some money which was given to them by us parents and relatives. Can I transfer their money to my account for safekeeping. I don’t want to use their money.

A. It will be permissible to transfer their funds to your account for safeguarding their wealth as you are their guardian and you are doing so in their best interests. Once they reach the age of majority and they are able to responsibly manage their funds, you should allow them access to their wealth.

You should keep a record of how much money belongs to them and ensure that you do not use any of their funds.

A safer option would be to keep their money in a separate account.

And Allah Knows Best

Mufti Suhail Tarmahomed

Jamiatul Ulama (KZN)
Council of Muslim Theologians

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