Zakat on money deposited in a bank in the name of a minor

Question

What do the scholars of religion and the muftis of the firm Shari‘a say regarding the following matter: Zayd has deposited money in a bank or a post office in the name of his minor son, and this money is more than the nisab. Now, who will pay the zakat on this money — Zayd or his minor son, or not? Will pay (?). And the post office also pays interest on this money; if it is not taken, they put it into their “mission” and the like.

Answer

In this case the minor son has become the owner of this money, and zakat is not wajib on a minor; therefore neither Zayd nor this minor son will pay zakat on it. Whatever is received from there under the name of interest should be collected, but precaution (ihtiyat) is that it be kept safe, and when the boy reaches adulthood he himself should give the money to the poor.

Source: Fatawa Mahmudiyya

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