The rule that women cannot open or manage bank accounts for their children under 18 years of age is one that needs to be revisited.
The stipulation has been set by the UAE Central Bank and all banks in the country are obliged to abide by it. This rule stems from the fact that the UAE is a Muslim country and is in keeping with the Sharia provisions, according to the Central Bank.
Surely, there is no questioning when such a rule is applied in some cases, given the reasoning behind it.
Yet, there are exceptions to it, especially in the cases of non-Muslim families or that of a single mother who is divorced or widowed.
Therefore, there is a need to find a mechanism by which the Sharia framework will not be obstructed, yet, at the same time, it will ensure that rules have enough flexibility to serve people.
Women who want to invest for the future of their children should not be deprived of it. And hence, the rule has to be looked at again, given the needs of certain clients.
