Ramadan on Campus: Modern Financial Problem Requires Traditional Islamic Solution

Rectorate Building, UIN Online News - Ramadan presents an opportune moment for financial savings, as the fundamental principle of fasting embodies self-restraint. Just for 1 month, Muslims are obligated to be more conscious of their expenditures, resist the need to purchase commodities excessively, and manage their finances with meticulous deliberation.

During the seven-minute discussion, Prof. Dr. Euis Amalia, M.Ag., a professor of Islamic economics at UIN Syarif Hidayatullah Jakarta, presented the economic dimension of fasting that reflects equilibrium in everyday aspects.

"Ramadan serves as an opportunity for Muslims to enhance financial management, curtail superfluous consumption, and augment contributions to social causes through infak, zakat, and sedekah," she elucidated.

As stated in the basic economic principle, Islam also instructs its followers to prioritize necessities over desires. This implies that each Muslim is urged to eschew israf (excessiveness) and tabdzir (wastefulness) while constantly contemplating necessities and wellbeing.

Islam delineates three types of human needs: daruriyyat (primary), hajiyyat (secondary), and tahsiniyyah (tertiary). In line with the notion of the Islamic legal doctrine (maqashid syariah), it emphasizes prioritization of basic needs before addressing secondary and tertiary needs. 

"One must satisfy their fundamental needs prior to addressing higher-level needs; it is referred to as current consumption. Meanwhile, one must also consider consumption for the future to meet the longer demand," she stated.

In Islam, the notion of laying away our income corresponds with the values of iḥtiyāṭ (caution) and tadbir māl (wealth management), which encourages Muslims to organize their resources carefully, benefitting both personal and societal welfare.

"Setting aside a fraction of our income for waqf, zakat, infaq, and shadaqah is not a hardship or a diminution of wealth, but rather a long-term investment for the hereafter. In this manner, the money we possess helps ourselves and is a blessing to others," she concluded.

By arranging costs sensibly and sharing with others, one practically solves today's world's greatest economic behavior problem—compulsive buying. If we manage our finances carefully, we will make this world a better place for everyone and a worthwhile investment for the afterlife.

Also Watch: Waqf: Pillar of Sharia Economy for the Welfare of the People | Prof. Euis Amalia, M.Ag. | Ramadan Kareem

(Sabila Weliza/Aida Adha S./Fauziah M./Muhamad Arifin Ilham)