If by karma, the general idea of “what goes around comes around” is meant, there is truth to this concept.
There are some deeds that Allah Almighty punishes in this very world, and several examples are found in Islam. Allah Almighty has warned that those who forge revelation from Allah to deceive people will be given an exemplary punishment in this world:
And if he had forged and attributed any sayings to Us, We would surely have seized him by the right hand, And then surely We would have severed his life-artery.(Surah al-Haqqah, 69:45–47).
(Surah Bani Isra’il, 17:48)
The Promised Messiah as explained that the difference between
Do not call one another with bad names; it is an evil act. He who offends someone with a bad name will not pass out of this world until he finds himself involved in it.(Malfuzat, vol. 1 p. 23)
Hadrat Khalifatul-Masih I ra once observed someone belittling someone for a mistake, and then saw him falling into the same mistake. On this he ra said:
I then understood that whoever belittles someone else, he will also suffer the same type of disgrace.(Mirqatul Yaqin, p. 233)
Hadrat Khalifatul-Masih I ra said:
Punishments for denying God, idolatry, etc. are in the hereafter, but insolence, indecency, causing suffering to others and disgracing others, the punishment for all of these come in this world as well. Negligence of those rights that are only rights of God are forgiven, but punishment for negligence in fulfilling the rights of people is given very quickly.(Haqaiqul-Furqan, vol 1, p. 133, 2:34)
There are also some deeds that Allah Almighty rewards in this very world. The Promised Messiah as narrated that Hadrat Dawud as said that he never saw the children of a saint starving or begging (Malfuzat, vol. 1, p. 117). The offspring of spiritual people are given material rewards.
There is a spiritual principle of “what goes around comes around” that also has a subtle effect on the physical world.