Capital� market� is� an� activity� related� to� public offering and trading of securities, public companies relating to the� issuance� of� securities,� institutions� and� professionals associated with the effects. One of the most popular financial instruments� and� commonly� used� in� conventional� capital market,� including� in� Indonesia� Stock� Exchange� (Bursa� Efek Indonesia) is short-selling. In regulation of Bapepam-LK No. V.D.6,� short-selling� is� the� sale� of� securities� in� which� the securities are not owned by the seller when the transaction is executed.� In general,� this� transaction� clearly� violated� syariah guidance,� as� embodied� in� the� Fatwa� of� DSN-MUI� No.� 20 Year� 2001� and� No.� 40� year� 2003,� because� of� short-selling synchronized with the bay' ma'dum based on the hadith "You may� not� sell� anything� which� are� not� your� belongings". Therefore, this paper aims at studying the issues surrounding the interpretation and the reality of short-selling instruments. Three� main� results� obtained� were� permissibility� of� shares as the object of the loan contract, the issue of bay 'ma'dum can be� interpreted� as� a collateral� of� delivery� which� can� be controlled� by� the� rules� of� Bapepam-LK, and� thirdly,� the economic benefit from the imposition of a fee in the formof the loan contract is concluded as a forbidden usury.