His statement, “as a liability owed by him”: that is, as a liability owed by the borrower.
His statement, “payable immediately”: not deferred. Even if he stipulates a deferment, it does not become deferred, because a loan is, by its nature, immediately payable. If we were to defer it, we would have taken it outside its proper legal character and thus contradicted the implication of the contract. Every condition that contradicts the implication of a contract is invalid, because it takes the contract outside its legislated character, thereby contradicting the Book of Allah. Every condition not found in the Book of Allah is invalid. Moreover, it is not an exchange contract, so how can we bind this benefactor not to demand repayment until the term has elapsed?
Thus, if someone says, “Loan me a sāʿ of wheat,” and you loan it to him, he acquires ownership of it, and its substitute becomes established as a liability owed by him. The substitute for a sāʿ of wheat is an equivalent sāʿ of wheat, because it is a fungible item. He is therefore liable for a sāʿ of wheat, payable immediately; that is, the lender may demand that the borrower repay it immediately, even after half an hour.
His statement, “even if he defers it”: this indicates a point of disagreement. That is, if the borrower says to the lender, “I will repay you after one year,” this condition is invalid and disregarded, and the loan remains immediately payable. This is because Imam Ahmad explicitly stated that a loan is immediately payable, saying: “Every loan is immediately payable”—that is, it does not admit of deferment. This concerns the legal status of the contract. Therefore, if deferment is stipulated, it is a condition contrary to the implication of the contract. Every condition contrary to the implication of the contract is defective, and every defective condition is unlawful. This concerns the prescriptive ruling. This is the view adopted by the author.
The correct view, however, is that if he grants a deferment and the lender agrees, the term is established and binding. It is then not permissible for the lender to demand repayment from the borrower until the term falls due.