This project draws on ethnographic research at American Muslim organizations that are innovating capital in the name of contributing to individual and social well-being. Through insights from critical approaches to capitalism, such as the Black radical tradition and feminist critiques of capitalism, this dissertation argues that attempts to innovate capitalism through the incorporation of philanthropy (and vice versa) propose technical responses to issues of finance and philanthropy, yet do not directly engage with the structures underlying these phenomena. As such, this project aims to shed light on not only the ethical reasoning behind Islamic finance and philanthropy but also the search to imagine and implement alternative socialities amidst widely criticized products and systems within and beyond Muslim communities.