Q. At the time of my son’s birth, I had gifted him one million rands by keeping it in an account on his name. A few years later, my business was in need of finance. So, I used the one million rands that I gave to my son which was in his account and I replaced it over the years. Was it correct for me at the time to have taken a loan from my small son and then replacing it back into his account? Also, can I give others loans from my sons money?
A. It is permissible for a father to utilize the wealth of his immature (non-Baaligh) son as a loan. However, he cannot give loans to others from his sons/child’s wealth. (Hindiyyah 6/147)
Allah Ta’ala Knows Best
Mufti Ismaeel Bassa