The Prozbul (Hebrew: פרוזבול, borrowed from Koinē Greek: προσβολή)[1] was established in the waning years of the Second Temple of Jerusalem by Hillel the Elder.
The writ, issued historically by rabbis, changed the status of individual private loans into the public administration, which made them ineligible for cancellation on the year of Shmita.
[3] The rabbis of the time found the state of affairs to be both a major challenge to the status quo and a violation of numerous mitzvot, Torah commandments, that require magnanimity to the poor, including one within the aforementioned passage in Deuteronomy.
Thus, if one would agree that shmita does not apply when Israelites are dispersed,[9] Hillel, great as he was, would not have changed a law of the Torah in order to fit the needs of his time.
As Maimonides noted in Shmita V'Yovel chapter 9, when most Jews again live in the Land of Israel and the observance of the Sabbatical and Jubilee years are Toraitic commandments, the prozbul will no longer be able to be used.