Economy is one of the major strategic aspects of life , and economic development perhaps carries the most plausible meaning of term "development" in the current world. Business entrepreneurs are considered as an engine for economic growth and development . An expansion of a business firm gives us the impression that it makes positive contribution towards the development of its owner as well as the society in which it exist. However , does a firm;s development in any sense means the development of its owner if he is a Muslim? Is s firm's growth in a conventional sense always compatible with its Muslim owner's true self-interest? This paper attempts to provide clues to answer these questions by reflecting on some salient features of a Muslim entrepreneur's unique mindset that is essentially required for achieving development in accordance with Islamic vision of life. The issues of reflection include position of a business in the total sheme of life, notion of competition and co-operation, perceptions of buyer - seller relationship , and attitude towards source of livelihood and business goals. The undertaking business actions is distinct from that of his conventional counterpart, although all of the actions may not be obviously different from those of his conventional counterpart.