EN.MUHAMMADIYAH.OR.ID, YOGYAKARTA — Financial freedom in Islam goes beyond the ability to accumulate wealth. Muhammad Ichsan, a member of the Central Board of Muhammadiyah’s Council for Religious Opinion and Reform, said Muslims should follow several principles to ensure their financial well-being supports independence, worship, family responsibilities, and social welfare.
Ichsan outlined seven steps toward achieving financial freedom in accordance with Islamic principles during a Friday sermon (2/10).
Set the Right Intention
According to Ichsan, the pursuit of financial security should begin with the right intention. Wealth should not be accumulated for ostentatious living, but to achieve independence, support one’s family, worship properly, and benefit others.
“We seek financial sufficiency not to show off our wealth, but to become independent, care for our families, worship, and benefit others. This intention matters,” he said.
Work Hard and Stay Productive
Ichsan reminded Muslims not to depend on others for their livelihood as long as they remain capable of working and making an effort. Islam, he said, values work and the fruits of one’s own labor.
“Do not depend on others for your livelihood if you are still capable of making an effort. Islam values work and what people earn through their own efforts,” he said.
Earn through Halal Means
A high income is not the only measure of financial freedom. Muslims must also ensure that their wealth is acquired in ways permitted by Islamic teachings.
Ichsan urged worshippers to avoid riba (usury or interest), corruption, gambling, fraud, bribery, and other illicit means of acquiring wealth.
“Financial freedom built on what is forbidden is not a form of freedom blessed by Allah,” he stressed.
Diversify Income Sources
Ichsan encouraged Muslims who have the means to avoid relying on a single source of income. Developing professional skills, running a business, acquiring productive assets, and making halal investments can all help strengthen financial resilience.
“Develop your skills, businesses, productive assets, or halal investments while continuing to take risks into account,” he said.
He explained that income earned through lawful work can be developed to generate additional revenue streams. However, such efforts should remain consistent with Islamic principles and take potential risks into consideration.
Live below Your Means
According to Ichsan, higher earnings should not automatically lead to a more expensive lifestyle. Increasing consumption every time income rises can instead become an obstacle to financial freedom.
“Do not let every increase in income be followed immediately by an increase in lifestyle. That will inevitably drain our wealth,” he said.
He also emphasized the importance of controlling expenses. Even a substantial income may not lead to financial freedom if spending consistently exceeds earnings.
Manage Debt and Build an Emergency Fund
Ichsan stressed the importance of paying off debts and avoiding a habit of borrowing money. In his view, people cannot consider themselves financially free while still burdened by debt, particularly interest-bearing debt.
“Never consider yourself financially free if you still have debts, especially debts that carry interest,” he said.
Alongside debt management, he encouraged Muslims to develop a habit of saving and prepare an emergency fund. Such savings can help cover unexpected expenses that may arise at any time.
Invest in Halal Assets and Fulfill Others’ Rights
Ichsan said money should not simply be kept without a plan. Wealth can be developed through halal investments, provided people consider the associated risks and their financial needs.
He noted that the value of money can change over time. Financial planning should therefore consider whether assets can preserve their value.
However, growing wealth should never cause Muslims to neglect their social obligations. Those who achieve financial sufficiency must pay zakat and are encouraged to give more through infaq, sadaqah, and wakaf.
“Islamic financial freedom is not about accumulating wealth. Other people have rights over what we own,” he explained.
The Importance of Qanaah
Ichsan concluded by highlighting qanaah, or contentment with what one has, as a principle that balances all seven steps. In his view, financial freedom remains out of reach if people are continually enslaved by the desire to accumulate more wealth.
“Financial freedom is not simply about having a great deal of wealth or money. It is also about feeling content in our hearts. This is what we call qanaah,” he said.
Ultimately, these seven steps point toward a balance between managing wealth responsibility and exercising self-restraint. Wealth should be earned through halal means, managed wisely, grown with due consideration of risk, used to meet genuine needs, and shared with those entitled to a portion of it.
