💰 Family finances · #22
A child's Eid money and cash gifts — do they belong to the child or to the parents?
They belong to the child; the parents hold them as trustees.
An-Nisa' 4:5 says: do not hand over property to those not yet of sound judgement, but feed and clothe them from it, and speak to them kind words — that is, the property remains theirs, only its management is withheld. An-Nisa' 4:6 commands that the property of orphans be handed over once they are mature enough to manage it, forbids consuming it wastefully, and directs that witnesses be taken when handing it over. In practice: keep it in an account in the child's name and keep records of it. See Preparing for death.
An-Nisa' 4:5 says: do not hand over property to those not yet of sound judgement, but feed and clothe them from it, and speak to them kind words — that is, the property remains theirs, only its management is withheld. An-Nisa' 4:6 commands that the property of orphans be handed over once they are mature enough to manage it, forbids consuming it wastefully, and directs that witnesses be taken when handing it over. In practice: keep it in an account in the child's name and keep records of it. See Preparing for death.
Sources
Surah an-Nisa' 4:5Surah an-Nisa' 4:6