Is a pledge valid if the creditor stipulates an extension of the due date in exchange for the pledge?

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This is null and void. An extension of time for a debt can only be established if stipulated within the contract that established the original debt. If the extension is not established according to this principle, the pledge is invalid because the extension is made in exchange for the pledge. Furthermore, this practice resembles the usury (Riba) of the Jahiliyyah (pre-Islamic era), where they would increase the principal debt in return for extending the due date.