My question is about Child Trust Funds and their permissibility according to Islam. I recently came across some papers regarding child trust funds for my two children that were set up for them when they were born. They are now 15 and 13 years old. The statements I found show a lump sum amount of money on both of my children’s accounts.
A little background about Child Trust Funds - this was a UK government scheme that was designed to provide a tax-efficient way to give your child a financial boost when they turn 18. Child Trust Funds were available to children born between 1 September 2002 and 2 January 2011 but have now been replaced by Junior ISAs.
I would appreciate your advice on its permissibility.
NB: One of the Child Trust Fund accounts was opened with Halifax which invests in the UK FTSE 100 Index Tracking Fund. The other was opened with “The Share Centre” which invests in shares in companies (not sure which companies though).