<![CDATA[Both socialist and Islamic economic systems emerged as critiques of capitalism, which is viewed as a driver of social inequality. However, they possess vastly different philosophical and operational foundations. This study aims to analyze the dynamics, key characteristics, and fundamental points of divergence between socialist and Islamic economic systems. A descriptive-qualitative method based on library research was employed, involving an examination of classical and modern literature regarding both systems. The study reveals that the socialist economy focuses on collective or state ownership of resources and centralized planning to achieve equitable distribution. In contrast, the Islamic economy integrates the values of tawhid (divine unity), sharia (Islamic law), and morality. The Islamic economic system recognizes proportional private property rights and allows market mechanisms to operate provided they do not violate sharia rules while positioning the state as an overseer and provider of social safety nets through instruments such as zakat, infaq, sadaqah, and waqf (ZISWAF). The most crucial point of difference lies in the sources of law and the ultimate objectives (maqasid al-sharia): socialism is rooted in pure materialism aimed at worldly well-being, whereas the Islamic economy is grounded in divine revelation to achieve both material and spiritual well-being (falah) in this life and the Hereafter.]]>
Copyrights © 2026
