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Ruling 2347

The depositor and the safe keeper must both be of the age of legal responsibility (bāligh), sane (ʿāqil), and no one must have compelled them [to enter into the deposit agreement]. Therefore, if a person entrusts some property to an insane person or to a child, or, if an insane person or a child entrusts some property to someone, it is not valid (ṣaḥīḥ). However, it is permitted (jāʾiz) for a child who is able to discern between right and wrong (mumayyiz) to entrust another person’s property to someone with the owner’s consent. Furthermore, the depositor must not be foolish with finances (safīh)1 nor have been proclaimed bankrupt (mufallas). However, there is no problem if a person who has been proclaimed bankrupt entrusts property over which he has not been prohibited from having disposal. Also, the safe keeper must not be foolish with finances nor have been proclaimed bankrupt; this is in the event that protecting and safeguarding the deposit would require him to have disposal over his own property in a way that ownership of the property would transfer from him or it would be destroyed.
 
1 Ruling 2091 provides further clarification of this term: it refers to someone who spends his wealth in futile tasks.