This research is purposed to reveal the implementation of business ethic at BTM Surya Umbulharjo. Moreover, this research is also purposed to examine whether the implementation of the business ethic at the institution has been in accordance with the Muhammadiyah business ethic. Therefore, the result of this research can be a benchmark to run the business even better. The method used in this research was qualitative through interview, observation, and documentation in the data collection. The interviews were conducted to six employees of BTM Surya Umbulharjo and 1 member of BTM Surya Umbulharjo. The sampling selection used purposive sampling where the researcher has set certain criteria. In the data analysis, the researcher used data reduction technique, data display, and conclusion drawing. This research employed the nine Islamic principles in business (tauhid, amanah, shidq, adalah, ibahah, ta’awun, maslahah, taradli, dan akhlaq karimah) and the 11 instrumental value (no gharar, jahalah, maisir, riba, dzalim, dharar, cheating, causing ta’assuf, monopoly and conglomeration, no haram objects, wise in money use), whereas both are Muhammadiyah business ethics. The result of the study shows that BTM Surya Umbulharjo has been implementing the business ethic in accordance with the Muhammadiyah Islamic business ethic. The member of BTM also admit the growth in his enterprise after becoming the member of BTM Surya. This can be interpreted that the existence of BTM Surya Umbulharjo has positive impact towards its environment, especially the member. However, there were also some inappropriateness in the implementation of Muhammadiyah Islamic business ethic in the form of riba and injustice. Moreover, some employees had not had comprehensive understanding about the Muhammadiyah Islamic business ethic. Therefore, there is a dire need to increasing awareness of all stakeholders to implement the business ethic which actually is in accordance with the Muhammadiyah Islamic business ethic.