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This study discusses the relation of Islam with economic development. Based on Islamic values, the study aims to create an alternative international economic development index. The variables used were chosen as proxy variables representing the principles and values derived from the Quran and Sunnah, the two primary sources of Islam. The data were obtained from international databases and were statistically standardized. The index was prepared over two main categories, material and spiritual development, and a composite index called the Islamic Development Index (IDI) was obtained by taking the averages of both. The international ranking covers 148 countries for which data could be obtained for 2018. In the research, the level of development is measured over the universal values and principles provided by the Islamic belief. The study does not have a purpose or pursuit of which country/society is Muslim and by how much. This paper has not been discussed with creed, religious rituals, and belief practices of societies and individuals. The research revealed a significant gap between theory and practice. Islamic belief is theoretically a critical resource for economic development. However, in practice, Islamic countries cannot benefit from this resource sufficiently. According to the results obtained, the Islamic development ranking of Islamic countries is lower than non-Islamic states in both material and spiritual development.