The concept of development and progress ultimately depends on the belief and value systems of the human population at large. In neoclassical economics, development is defined and measured narrowly in terms of economic growth only. This is in stark contrast with Islamic notions of human development. In the Islamic worldview, human life is purposeful, and human development can only be meaningfully measured in the backdrop of this purpose. The purpose of the article is to articulate the Islamic worldview and to then present the Islamic development ideals. We will also critically evaluate the modern secular notions of development by comparing and contrasting these with Islamic developmental ideals.