Walaikum Salaam,
Karma when explained as "actions have consequences", is basis in most world religions. This adds credence to Islamic belief, that humans have always been receiving guidance through messengers/ prophets when the original true message got diluted/corrupted.
But, the word Karma used in Buddhism, Jainism Hinduism and other religions, is associated to cycle of life and death(reincarnation). This cycle can be ended by achieving salvation(moksha). The philosophy is that- if karma is good enough, next birth is rewarding, and the fate of next birth is decided by the carried forward karma; if not persona might be born in lower life forms. Action(Karma) can be from mind or body, and person is responsible for it. That's Karma of last birth, deciding the fate of a person, in current life. So Karma in this sense, is not Islamic belief.
In Islam our belief (or lack or weakness in it) is affirmed by deeds and intention behind these deeds in the only birth we get. This piles up as good deeds and bad deeds, the judgement is based on a combination of purity of faith, together with tilt of weight of affirming deeds and negating deeds(sins). Repentance (Dua), together with Good deeds, can offset the negating deeds. During the lifetime our negating deeds could bring us trials and tribulations, giving an opportunity to right the wrongs.
The most important point, which we humans often forget when using the notion of "what comes around goes around", is that it should not become a justification for the wrongs we do.
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By time. Indeed, mankind is in loss, Except for those who have believed and done righteous deeds and advised each other to truth and advised each other to patience. [Quran 103: 1-3]