Some management theorists believe that Muslim organizations across the globe have internalized western values; some hold a diametrically opposite view that Muslims as a community and Muslim executives as well have not given up Islamic values and their companies definitely have a strong imprint of Islamic culture. To fathom the depths of Muslim organizations and to demystify the prevailing corporate culture, this study was designed. This research investigated the internalization and application of value systems – Islamic and western – of Muslim executives in their organizations located in countries like Bangladesh, Pakistan, India, Malaysia, Indonesia and Saudi Arabia. Further this study has also brought out all those personal values which have transcended the organizational boundaries, i.e. those values which are instrumental in shaping the corporate culture. The question of the impact of executives’ values on the styles of management was investigated as well. The findings are presented in this