Some say it is not religiously permissible to determine a certain time while borrowing and lending; is it true?

Such kinds of statements are the results of a misunderstanding. This is the truth:
According to Imam Azam and Imam Shafi, it is permissible to lend by establishing a period of time. However, the creditor can want what he lent before its time. He can not be asked why he wants it before the time. Lending is a favour of sacrificing. There should be no compulsion and obligation in doing a favour. He has the right to want back what he lent when he needs it.

In fact, the deceased Omer Nasuhi says in his Istılahat-ı Fıkhiyye in the part of debt: A man cannot demand his money for the goods that he agreed to have the money one month later before its time. However, if has lent some money for a month, he can demand it before its time. If the time is mentioned, it is good and a moral necessity to act accordingly but it is not legally necessary.

We can infer that there is no rule as Borrowing and lending can not be done by establishing time. A person, Shafi or Hanafi, has the right to demand the money lent for some definite time before its time.

However, Imam Malik says: the debt lent by establishing a certain time cannot be demanded before its time! The debtor will get what he wants only during that time. Demanding the money before its time means demanding it without getting what is needed with that money. It is contrary to the reason for lending.

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