Huzoor, most kindly advise us, what is the difference between Socialism and Communism? Also, what is the difference between Islamic Socialism and the other form of Socialism? As far as the last question is concerned, there is nothing which can be described as Islamic Socialism. Islam has its own system of life which covers every aspect of life. So this coinage of Islamic Socialism is artificial.
There is no such thing as Islamic Socialism. This phrase is coined to hoodwink the public and by mixing, artificially, some Islamic values with the Socialist teachings. So there is no such valid thing as Islamic Socialism at all. You can say Islamic Social System. That is a different thing altogether. Islam has a social system. As far as the first part of the question is concerned, Communism, in fact, is nothing other than consummation of Socialism. Communism is looked at by the Socialists themselves as the early stage of the same theory which gives birth to Socialism and ultimately which claims that Socialism should develop into Communism.
Generally speaking, in reality there is no difference. The same scientific Socialism theory ends up into Communism and Communism is the ultimate state, Communist is the ultimate state which is meant to be created. But today, in reality, there is not a single state in the world which could be described as Communist. All these states, including Russia and China, are in fact, scientifically speaking, just Socialist states. In the Communist state, when this theory reaches its last realization, ultimate realization, scientific Socialism I mean, there should be no state at all.
Socialism is in reality the negation of state and Marx wrote it in so many words that when Socialism develops ultimately and reaches the stage of Communism, which is the end product of Socialism, then there will be no state at all, no need for creating any state whatsoever. Why this is a long question to be analyzed and answered, but directly here it does not pertain to your question.
