Abstract. Muslim NGOs enjoy special influence among the Muslim populations. The largest of such NGOs provide humanitarian assistance to developing countries. The Aga Khan Development Network (AKDN), founded by Agha Khan, the imam of Ismaili Muslims, differs from other Muslim and religious NGOs. It positions itself as a non-religious organization, but many identify it as a religious organization. AKDN’s activity is based on the ethics of "Muslim humanism", but its value system includes a set of values that are not traditional for Islamic ethics, including personal initiative, independence, self-reliance, success in the capitalist market system and loyal attitude to the government. Such ethics are perceived and interpreted by network’s agents in different ways, including by the AKDN administration in Geneva and by those who implement its development programs in the field – including in Tajikistan that is used as a case study in the article. Sometimes, the differences in the understanding of the postulates of the Ismaili ethics may bear unexpected consequences, including growing social inequality.