This paper aims at critically examining the emergence of an Islamic way to capitalism through the analysis of the recent developments of Islamic finance and business. The alleged resilience of Islamic finance against the financial crisis will be assessed, in order to critically evaluate whether the Islamic model represents an alternative to the capitalist system. In this respect, evidences seem to suggest that the Islamic financial industry suffers from the same structural problems which affect the conventional sector, thus highlighting the embeddedness of Islamic finance in the global capitalistic system. Hence, the difficulties of constructing an economic system truly consistent with the foundations provided by the moral economy of Islam will be considered.