To comprehensively compare both faiths, it is essential to discuss their similarities first. Both Jainism and Buddhism originally derived their ideas from the pre-existing Aryan culture. They were products of revolts against the prevailing pessimistic notions of the orthodox Brahmanical Hinduism.
Regarding philosophical concepts, Buddhism and Jainism both believe that the world is full of misery, and that the dharma is to liberate the soul from these miseries by escaping the cycle of reincarnation or rebirth through enlightenment. However, the path of enlightenment defined by each religion differs in numerous aspects. The subjection of the soul to misery through its Karma is also conceptualised in both beliefs.
Both Mahavira and Buddha were two contemporaries credited for the organisation and propagation of their respective religions; Jainism and Buddhism rejected the authority of the Vedas and the efficacy of Vedic rites, while dismissing the caste system. They upheld ascetic life, moral and ethical codes and non-violence as means of salvation. Jainism and Buddhism had largest number of followers among the mercantile class.