The article explains the difference between risk and speculation, and how they are related. It classifies speculation into positive and negative types and analyzes indicators for each. The researchers used a qualitative method with a comparative study approach, gathering data from various sources. The main findings are: 1. Risk and speculation are closely linked; 2. Positive speculation has low risk, occurs in derivative activities, and has benefits; 3. Negative speculation has high risk, occurs in major economic activities, and is harmful; 4. Islam only forbids negative speculation.