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As a modern finance institution, stock market has several weaknesses and unfair market model but in practice, the modern economic system recognizes it as part of economic development in a state. Speculation is one of the weaknesses, the investor has to know the changeable time and market trend, making analysis and calculation then take decision to do speculation in buy and sell stock. The activities above have made market more active and dynamics. People in general take advantages from the speculation. If sharp calculation will get more advantages and if no will be loss much money. The practice as same as gambling system and systematically will smash principle of economic society. Islam has guidance in the case of speculation like what has happen in stock market. The article has objective to give guidelines how practically Islam give explanation about the issue. In the mudharabah and musyarakah system, people need capital to do their business by cooperation with capital holder. If sell and buy stock, so capital revolves among investors only and then real sector cannot develop due to lack of capital.
Keywords: spekulasi, pasar saham, dan investasi.

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