Transferring your children’s money into your personal account?
Question
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.
Answer
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
- Answered by
- Mufti Suhail Tarmahomed
Fatawa SA is an independent, read-only index of fatawa already published by Jamiatul Ulama KZN. It is not a fatwa service. For your own situation, ask the issuing Darul Ifta directly.