This study examines the relationship between Muraqabah as a spiritual resource and psychological well-being among students participating in a structured scholarship ecosystem. The study is important because previous research has generally treated spirituality as an individual psychological attribute, while its role within an institutional student-development environment remains underexplored. A quantitative, non-experimental correlational design was employed involving 60 active Rubin.id scholarship recipients aged 18–25 years who had participated in the mentoring program for at least three months. Data were collected using a 27-item Muraqabah Scale based on Al-Ghazali’s conception and a 24-item Psychological Well-Being Scale based on Ryff’s framework, with Cronbach’s alpha coefficients of 0.903 and 0.931, respectively. Data were analyzed using descriptive statistics and Spearman’s rank-order correlation. The findings showed that all respondents reported high or very high levels of Muraqabah, while 90% demonstrated high or very high psychological well-being. A significant positive correlation of moderate strength was identified between Muraqabah and psychological well-being (rₛ = 0.484, p < 0.001). These findings suggest that Muraqabah may constitute an important spiritual resource within holistic student development and may complement academic mentoring, psychosocial support, and peer support within structured scholarship programs. However, because the study employed a correlational and cross-sectional design, the findings indicate an association rather than a causal relationship between Muraqabah and psychological well-being. The originality of this study lies in positioning Muraqabah as a spiritual developmental resource embedded within a structured scholarship ecosystem rather than merely as an individual religious characteristic.