Through a study of the field of Islamic economic theorizing in Turkey, this paper suggests that this intellectual tradition complicates the conventional dichotomy of conservatism vs. progressivism. This diverse intellectual field draws from both conservative and progressive intellectual traditions, but often such complexity is overlooked in favor of monolithic assumptions about the nature of Islam-inspired political movements. By studying some of the concepts that Muslim intellectuals deploy in order to articulate the proper relationship between religion and markets, I argue that this field can be better understood by paying attention to the distinction between justice (adalet) and virtue (ahlak). To build this argument, I examine the writings of three contemporary Turkish Muslim intellectuals: Ihsan Eliaçik, Lütfi Bergen, and Mustafa Özel. Despite a shared theoretical interest in the proper relationship between Islam and capitalism, each one of these intellectuals articulate different views about development, equality, faith, and philanthropy. For instance, Ihsan Eliaçik sees Islam as a decidedly anti-capitalist religion, Lütfi Bergen defines Islam as a pre-capitalist belief system, whereas Mustafa Özel identifies a series of pro-capitalist traits in the Muslim faith. In explaining the proper relationship between faith and markets, each one of these intellectuals position themselves in the Islamic intellectual field: whereas articulations of ahlak represent an understanding of faith as a personal mechanism for taming the potentially destructive impact of modern capitalism, notions of adalet are often deployed in order to call for governmental solutions to problems such as inequality, poverty, and unemployment. One of the key issues at the heart of these debates concerns the state-market relationship particularly pertaining what an Islamic perspective on the economy entails for contemporary questions of governance. In addition to exploring the range of discussions concerning the moral economy within the Islamic intellectual field, I also situate these debates within Turkey’s political trajectory, particularly concerning the neoliberal rule of the Justice and Development Party (Adalet ve Kalkinma Partisi, AKP). This paper identifies what is at stake in these various formulations and illustrates how each articulation of market Islam comes with its own set of expectations and exclusions.