إدارة المخاطر بالبیع على المکشوف فی سوق الأوراق المالیة دراسة فقهیة مقارنة

Summary with conclusion of main results 1-     Short sell is the sell at which borrowing the financial paper to sell the high price then buying to their own persons when the price was low ,Or the human buy the financial paper which he not had. And then buying at day of liquidation. 2-      The most important reasons which make the owner lends securities ,is avoid risk of loss in case of buying these papers. 3-     the most reasons of the Borrower which made him accept the sell operation  is getting differences in prices 4-     The short sell is not invalidate Sharia the first kind sell is not estimated delivery because the seller sells what he does not have , the second kind  is Borrowing of the paper with interest, In addition to theVirtual sale 5-     Difficult access to the share price of the real arrow in short sell because of the control of lying and cheating on the market 6-     Short- sell term risk management on the one hand, Is to bring to many of the evils that result from dealing with it on the other hand. 7-     The research concludes that there are proposals for some alternatives to short sale:Short sale includes two mutual promises , Selling with the promise of buying, and short speculation ,But it is not without criticism and discussion, except for a speculative contract , In which some fuqaha 'have said that it is permissible to speculate on offers, and there is nothing wrong with doing so, The alternative to short selling - in the point of view of the researcher - is a speculative contract.