The ruling on one who says: I pledge to you on the condition that you extend the term for me

The questioner : Yes. And if he says, “I pledge to you on the condition that you extend the term for me,” it is not valid, because a due debt is not deferred. And if the term is not established, the pledge is defective, because it is in exchange for it. And if he stipulates that he holds

The Shaykh : It is valid to go beyond this as well. If his debt becomes due and he says, “Give me [time],” the debt is due, he says, “I have nothing,” but he pledges [something] and defers the debt a second time, there is no harm, and there is absolutely nothing prohibited in it, neither in altering the debt nor in increasing riba (usury or interest). Rather, there is benefit for both parties: the debtor is relieved by the extension of the term, and the creditor

The questioner : secures his debt.

The Shaykh : It serves as security for him.