  The rare B_s-> \phi \ell^+ \ell^- decay is investigated by using the most
general model independent effective Hamiltonian for $\ell= \mu, \tau$. The
calculated $Br(B_s \rar \phi \mu^+ \mu^-) = 1.92 \times 10^{-6}$ is in
consistent with the experimental upper bound. The dependencies of the branching
ratios and polarization asymmetries of leptons and combined lepton-antilepton
asymmetries on the new Wilson coefficients are presented. The analysis shows
that the branching ratios and the lepton polarization asymmetries are very
sensitive to the scalar and tensor type interactions. The results obtained in
this work will be very useful in searching new physics beyond the standard
model.
