Ajmal Kakar - PhD student, International Islamic University of Malaysia, Kulliyyah of Economics and Management Science, Malaysia, Kuala Lumpur

Over the past two centuries, conventional economic systems, mainly the capitalism have had many ups and downs. Given the relative success to some societies and classes, human beings are still in search of a just and a moderate economic system that can fulfil the needs of all and responds to the greatest challenges of today’s world. Critics argues that the morality exist in capitalism has weakened the social and ethical basis of human life and put primary dependence on the unjust market system. Given the fact that the capitalism economic system is fundamentally broken and does not provide viable answers. Thus, this study aims to describe the need for new economic system and provide debates on the emergence of new economic systems. A descriptive research method with an extensive review of literature carried out to study this particular topic and achieve the primary objectives of the study. The major findings reveal that; there are two debatable sides for emerging new economic system in future. The one side is arguing on the rise of new capitalism where the economic and financial system serves everyone and where finance plays a central role in solving the social and environmental challenges facing the global community, such as poverty, inequality, and climate change. Conversely, the other side arguing on the rise of modern Islamic economics, where justice and well-being for everyone is the main slogan of the system and can be influential part of the future planet. The system profoundly emphasizes on the ideals of human brotherhood and the well-being of everyone.

Capitalism, Socialism, Contemporary Islamic Economics, Future Economic Systems.