The Comparative Study of Short Selling with Islamic Contracts

Paving the way legally and culturally to design and use new instrument is one of the important changes which happened to the new law of securities in the capital market of Iran. Pay attention to the legal mechanism of these instruments from the jurisprudence point view is what made double the sensitivity of using these instruments in Iran. Therefore it can be claimed that the diversification of capital market instruments requires financial and Jurisprudence studying simultaneously. Short selling is one of these new instruments. This research includes both survey of its common mechanism in the world capital markets and its coincidence with the Islamic basics. In order to do that, at first stage this research seeks for any illegal problems that may exist in this contract due to the religious point of view and secondly accomplishes a comparative study with religious conformable contracts.It is collected the economic-jurisprudence interdisciplinary point of view of experts In order to reach a decisive and expert sight. It has been done by the means of a questionnaire including detail comparative study of short selling with the general principle of the contract as well as any illegal problems that may exist in this contract. Finally as an opinion derived from those of experts’ consensus, it is concluded that short selling as its common mechanism in the world capital markets, is not compatible with Shiaá jurisprudence basics. Although some close instruments can be devised on the basis of accepted mechanisms.