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This essay argues that the convergence of religious ethics and business management knowledge illustrate the formation of what are termed spiritual economies. Spiritual economies conceptualize how economic reform and neoliberal restructuring are conceived of and acted on as matters of religious piety and spiritual virtue. The spiritual economy described consists of producing spirituality as an object of intervention, reconfiguring work as a form of religious worship, and inculcating an ethic of individual accountability and entrepreneurial responsibility among workers. Drawing on 18 months of ethnographic research, the majority of which took place at Krakatau Steel in Banten, Indonesia, this essay describes a moderate Islamic spiritual reform movement active in state‐owned companies, government bureaucracies, and private enterprises in contemporary Indonesia. Proponents of spiritual reform consider the …