This study explores the role played by the Islamic Economics in approaching Happiness Economics with a case study on the role of central banks in achieving human wellbeing. The study concluded that while a revolution emerged in the economic sciences field which is more effective and efficient, if accurately followed, in approaching human wellbeing, Central banking and the financial sector remained within its traditional role and functions aiming at economic and monetary stability. Only Islamic Banking and Finance and within the Islamic Economics from conceptual and pragmatic basis could be considered a welcomed development which might be building a corner stone for enabling a new role for banking and finance sector for approaching happiness economics from national to global perspective.