This article explores the perspectives of prominent Islamic economists, specifically Ibn Khaldun and Umer Chapra, on economic development. It frames development as a process aimed at improving societal welfare through economic growth, equitable income distribution, poverty reduction, and enhanced quality of life. The discussion centers on how Islamic principles view development beyond purely material gains. The work suggests a holistic approach, integrating ethical and spiritual considerations into economic progress. Khaldun’s and Chapra’s theories offer historical and contemporary frameworks for understanding sustainable and just economic systems within an Islamic context. The article implies a need to re-evaluate conventional development models through the lens of Islamic economic thought.