The works of Aristotle left an indelible impression on Arabic philosophy after the translation movement. While many philosophers accepted the works of the revered First Teacher (Al-Mu‘allim al-awwal), as Aristotle was designated, others sought to reformulate his ideas in accordance with their own priorities. One such thinker is the hugely influential mystical theorist, Muḥyī al-Dīn ibn ‘Arabī (d. 638/1240), who agrees with Aristotle that all existents are hylomorphic compounds made from the combination of form with matter that comes from prime matter, or hyle (hayūlā), which he frequently uses interchangeably with ‘substance’ (jawhar). He claims that prime matter or substance accepts all forms (ṣuwar), but he theologizes these terms as he believes all things are loci of divine manifestation. Ibn ‘Arabī thus situates Aristotelian hylomorphism within the framework of his own metaphysics. He proceeds to equate the universal hayūlā with the primordial ‘cloud’ (‘amā’), mentioned in prophetic traditions, from which all things in the different levels of existence derive because of the existentiating divine breath. When it comes to the sensible world in particular, Ibn ‘Arabī employs the Qur’anic term of ‘dust’ (habā’) to denote prime matter that serves as the basis of sensible hylomorphic compounds. This study conducts close textual content analysis to demonstrate the way in which Ibn ‘Arabī theologizes Aristotelian hylomorphism to expound his conception of the different realms of existence.