I took early retirement, then I received some money from the company I used to work for. This money was put into investment certificates that bring a monthly return, which covers household expenses. I have a wife and two small daughters who are in the early grades at school, and they have a long way ahead of them to finish their education, get married and so on. Is it permissible to distribute these certificates so that they will remain in their (the girls’) names so that they will not be harmed after I die? I have many brothers and sisters, and no mother or father, and I fear that their (my daughters’) rights will be transgressed.
It is permissible for the father to share out whatever he wants of his wealth between his daughters and transfer it to their ownership. This comes under the heading of giving gifts. But he does not have the right to share out all of his wealth with the aim of depriving the rest of his heirs. This has been discussed in the answer to question no. 132928
In Fataawa al-Lajnah ad-Daa’imah (16/484) it says: Praise be to Allah, my Lord has blessed me with four daughters, aged 10, 8, 5 and 3 years, and a wife. I have a sister who is married, and she has children. I own a building comprised of four apartments. I have written a sale contract between me and my wife for one third of the value of the building, and I wrote another sale contract between me and my wife so that she can buy the second third for my daughters. So the first third is for my wife and the second third is for my daughters, and I have left the last third. Of course I tell you frankly that I have not received any money; the purpose behind that is so that no one will dispute with them concerning their inheritance, because they are girls (i.e., weak offspring). What is the ruling on that? Please advise me, may Allah reward you with good.
Answer: it is not permissible for a man to draw up a contract to transfer his wealth in order to deprive some of the heirs. Allah, may He be glorified and exalted, is watching each individual and sees his intention and aims. We warn you against doing something for which you may be punished. And Allah is the source of strength. May Allah send blessings and peace upon our Prophet Muhammad and his family and companions.
Bakr Abu Zayd, ‘Abd al-‘Azeez Aal ash-Shaykh, Saalih al-Fawzaan, ‘Abdullah ibn Ghadyaan, ‘Abd al-‘Azeez ibn ‘Abdullah ibn Baaz.
The investment certificates issued by banks of all three types, A, B and C, are all haraam.
This has been discussed previously in the answer to question no. 126073
If the certificates that you have are of this type, you have to get rid of them and get your money back, and look for another place where you can invest it in a halaal manner.
We ask Allah to help you and provide for you by His grace.
And Allah knows best.