وَلِلْمُرْتَهِنِ أَنْ يُطَالِبَ الرَّاهِنَ
Translation: The pledgee has the right to demand payment from the pledgor.
Possession of security is not payment of the underlying debt. Once the debt is due, the pledgee may demand repayment even though the collateral is already in his hands.
For example, an asset is held against an 800-dirham obligation. The debtor cannot simply say that possession of the asset substitutes for performance. Security protects the right to be paid; it does not ordinarily extinguish that right.
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The pledgee retains the right to demand payment
Kitab al-Rahn: Partial Repayment, Agency to Sell and Pledgee Rights
وَلِلْمُرْتَهِنِ أَنْ يُطَالِبَ الرَّاهِنَ
Translation: The pledgee has the right to demand payment from the pledgor.
Possession of security is not payment of the underlying debt. Once the debt is due, the pledgee may demand repayment even though the collateral is already in his hands.
For example, an asset is held against an 800-dirham obligation. The debtor cannot simply say that possession of the asset substitutes for performance. Security protects the right to be paid; it does not ordinarily extinguish that right.