<![CDATA[This article aims to discuss conventional economic philosophies, such as capitalism, socialism, and Marxism, and to compare them with the Islamic economic perspective. This research is motivated by the dominance of conventional economic systems in the global economy, which are considered inadequate in achieving equitable social justice and welfare. The main objectives of this study include an analysis of the philosophical characteristics of these three conventional economic systems, an examination of contemporary critiques of capitalism particularly regarding inequality, financialization, and regulatory failures as well as an explanation of the fundamental differences between conventional economics and Islamic economics. The approach applied is a literature review using a qualitative descriptive method, through the examination of relevant classical and contemporary literature. The results show that capitalism emphasizes individual freedom and market mechanisms but tends to create inequality. Socialism prioritizes economic equality through the role of the state but has the potential to stifle individual creativity. Meanwhile, Marxism offers a structural critique of capitalism but faces obstacles in its implementation. On the other hand, Islamic economics presents itself as an alternative system that balances private ownership with the social function of property, economic efficiency with justice, and material orientation with moral and spiritual values. In conclusion, Islamic economics has strong relevance in addressing the challenges of the modern economy through an approach that is just, sustainable, and in accordance with human values.]]>
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