Is it permissible to drop part of a deferred debt in exchange for expediting the payment of the remainder?

It is Islamically permissible to reduce a deferred debt in exchange for its prompt payment, a concept known as "da' wa ta'ajjal" (reduce and hasten). Scholars have differed on this issue. The majority have deemed it impermissible, arguing that it resembles usury (riba). Others, such as Ibn Abbas, Zayd ibn Thabit, and some imams, have permitted it, citing the action of the Prophet (peace be upon him) and the statement of Ibn Abbas: "Riba is only when you say, 'Delay for me, and I will increase you,' not 'Hasten for me, and I will reduce for you.'" They also argue that it benefits both parties and is the opposite of usury. The Permanent Committee has issued a fatwa (definition) permitting it, and the Fiqh Council has also affirmed its permissibility according to Sharia (definition).