The paper reviews studies that compare Communist Socialism and Islamic Socialism to explore how Islamic Socialism is a viable alternative to both Communism and Capitalism. It investigates the shortcomings of Capitalism, which caused the emergence of the idea of socialism. The paper also discusses the strong endorsement of Islamic Socialism by prominent Muslim scholars to inspire confidence in its legitimacy. The analysis reveals that Islamic revival movements that arose during the era of Western political domination emphasized values shared by Islam and the rest of the world and initiated the concept of Islamic Socialism. The principles of Socialism, such as the government’s ownership of productive units and the establishment of social welfare programs, align with Islamic teachings on social justice. In Islam, Zakat serves as a form of funding for welfare programs and social services, reflecting the religion's compassion and concern for the poor.