Salaam everyone,
Islam is NOT the ultimate form of communism. Not only does it allow private property and gives us detailed rules regarding inheritance, it also seems to promote free market and liberalism. It is based on the freedom of thought, "no compulsion is there in religion" as it is stated in the Koran. It also promotes free market and forbids regulated prices by the state.
The Muslims have conquered most of the ancient world within only a century, mostly because they had lower taxes from the Eastern Roman Empire and therefore became popular among the populations. When they conquered Syria, as explains Philip Hitti in his "History of the Arabs", people throw flowers to their feet.
Even though it is most often believed that modern capitalism originated from the medieval Italian cities, Muslims were the first ones to invent cheques (al-s?q in Arabic) you could issue in today's Iraq and cash in today's Morocco.
The Prophet Muhammad, may God bless him, was a merchant, as well as his wife Khadija. Initially, they were quite well off, but when Muhammad started preaching monotheism, the Meccan authorities expelled him from the city, thinking that the new religion would be detrimental to their business. She has spent all of her money to feed the first Muslims who had nowhere to go; Mohammed said later on that "Islam survived thanks to Khadija's money
There is even a fatwa of the Al Azhar University of Cairo stating that "there is no Communism in Islam" (l? shuy?'iyyata f? al-isl?m). Muslims are equal in rights before God, but by no means are they supposed to be equally rich. Allah gives sustenance (al-rizq) to whom He desires and poverty is one of His tests to check the strength of our faith.
Finally, Islam doesn't propose a new economic system - it wasn't revealed to regulate our whole lives but to give us a spiritual and moral framework on which we should build our lives and judge by ourselves whether we should act in a particular way. The Koran is not an economy book, but is certainly DOES NOT PROMOTE COMMUNISM or state ownership in any form. Those who wish to devaluate currencies in order to pay back the public spending merely transfer the debt on the next generations. How un-Islamic.
Best regards & salaams,
Natashamina