Within the contract of sale, if the collateral is considered secure—whether it be real estate or movable property—the parties must set a clear limit and a fixed term for making use of it, whether that term is longer than, identical to, or shorter than the deadline for paying the price of the commodity.

It is discouraged to stipulate the right to benefit from pledged livestock or garments, because they deteriorate quickly and the value of such benefit would be unknown should they perish before the term expires. If the collateral consists of a Qur’an codex, scholarly books, or weapons, benefiting from them is permissible, provided this has been expressly stipulated in the sales contract.

With respect to a loan (salaf), however, it is impermissible for a lender who has taken collateral to stipulate any benefit from that collateral, for this constitutes usury. This rule applies even if the collateral were a Qur’an from which he does not read, let alone anything else.

A pledgor may not substitute the pledged item with another unless the pledgee agrees. Once the pledgee has taken possession of the collateral, the pledgor may neither sell it nor give it away without the pledgee’s permission. If he sells it with that permission, the sale is valid, and the pledgee takes his due after the seller swears that the permission was granted solely so that the pledgee could obtain his right. Should he sell it without permission and the pledgee later ratifies the sale, the price is held in suspense until the maturity date; the pledgee’s claim is not accelerated before that date unless the pledgor chooses to pay the full amount of the debt out of the sale price.

If the collateral was pledged for less than its market value, any surplus beyond that value remains under the same pledge. No one other than the original pledgee may take that surplus as separate collateral. The pledgee may, however, add another debt, in which case the item stands as security for both debts.

It is reported from Malik that if the pledgee allows the pledgor to pledge the surplus, the arrangement is valid, yet the settled position of his school is that it is not. According to one of the two narrations from Malik, if someone does take a pledge on the surplus with the first pledgee’s consent and both debts then fall due against the pledgor, the collateral is sold: the first creditor is paid first, and whatever remains goes to the one who held the surplus. If the collateral originally belonged to them both, or if half of it was first pledged and the rest later pledged with permission,