Q: I work as a deputy manager in an industrial company which (Part No. 13; Page No. 428) is granted bank facilities in the sense that
the bank covers the company's cash deficit at an agreed upon percentage.
When the company's bank account is short of liquidity, the bank, in turn, covers the shortage at the agreed upon percentage. Please inform me of the ruling on working at this company and whether I can give in charity an equivalent portion to the portion I have referred to. It is noteworthy that the interest which the bank charges from the company does not exceed 10 % of the company's turnover. Most companies and institutions adopt such procedures. May Allah protect you.
If the reality is as you have mentioned, the overdraft services offered by the bank to its clients in return for keeping the clients' current account at the bank is considered a form of a loan associated with a conditioned benefit which is Islamically prohibited.
May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.