Is it permissible to open a savings account for children in a bank, and should equality be observed between them or should the male be favored?

There is no disagreement among scholars regarding the necessity of equalizing gifts among children and the impermissibility of favoring some over others. This requirement is, according to the preponderant opinion, binding. However, scholars have differed on whether to equalize between male and female children or to give the male child the share of two females.

Malik, Abu Hanifa, Al-Shafi'i, and Ibn Al-Mubarak held the view of equalization, citing the Hadith (definition) of Nu'man ibn Bashir: "Would it please you that they are all equally dutiful?" He replied, "Yes." The Prophet said, "Then not this (i.e., this unequal gift)." And the Hadith of Ibn Abbas: "Equalize among your children in giving gifts. If I were to favor anyone, I would favor women over men." This is also because it is a gift given during life, in which male and female are equal, like sustenance and clothing.

Ata, Shuraih, Ishaq, Muhammad ibn Al-Hasan (definition), and Ahmad held the view of giving the male child the share of two females, arguing that a gift given during life is an anticipation of what comes after death, and thus should follow the same proportion. They also argued that the male is more in need than the female. The first opinion is the preponderant one.

It is forbidden to open savings accounts in usurious banks. One must resort to Islamic alternatives or be content with a current account out of necessity.