Salaam,
My question is about a child trust fund, islamically who’s money is it?, as in is the parent allowed to take the money which is meant to only be for the child?
Wasalam
May Allah bless you.
Technically speaking, the fund belongs to the child. This is why we say zakat on child fund trust is not in the parents’ responsibility.
So unless, there is a different arrangement, the parent should not be taking this money. If they do take the money for themselves, then they should replace it later on.
However, they can take the money to spend it for the benefit of the child if needed.
And Allah knows best!
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Jazakallah for your response, one more thing if you could help me with is, if my parent has put money into my child trust fund are they allowed to take it?