Well-being, as studied in the West, is often related to intrinsic not extrinsic values. Unfortunately, there are no similar studies for Muslim societies. This study will be one of the first of its kind conducted on Muslim group capturing 15 different domains of their life experience. The purpose of this study is to determine how well-being is related to materialistic, hedonic and moral values in one group of Muslims. The study seeks empirical evidence regarding the impact of Islamic values compared to materialistic and hedonic values on subjective well-being. The survey data is used to test a comprehensive theory of human nature and happiness model from an Islamic perspective to see whether it helps to achieve more happiness with less/moderate consumption. It has a great potential to explain whether Islam could provide authentic happiness to humanity in this life.