Ramadan is often understood as a month of worship filled with rituals. However, if we look deeper, Ramadan is actually a time for reshaping our outlook on life, including in economic aspects and wealth management. For eleven months, many people follow the same rhythm. They work, earn income, spend, and then repeat the cycle. Ramadan provides a pause and forces people to restrain themselves, set their intentions, question the purpose of accumulating wealth, and whether the way they manage it is in line with Islamic values.
The fundamental purpose of fasting has been emphasized in the Qur'an, namely to develop piety (la'allakum tattaqun), as stated in QS. Al-Baqarah verse 183. Piety is not only a matter of personal piety, but also ethical awareness that influences every decision and daily socio-economic interaction. In an economic context, this ethical awareness manifests itself in three main aspects: a cautious attitude towards sources of income (ensuring its legality), how money is spent (avoiding waste and prioritizing needs), and the social responsibility that comes with owning wealth. Ramadan becomes a collective exercise in controlling consumptive urges, replacing them with more mature moral considerations based on self-control.
Interestingly, this month actually shows two dynamics running simultaneously. On the one hand, there is a significant surge in public consumption. Snapcart data shows that around 75 percent of Indonesian respondents estimate their spending will increase during Ramadan. This increase is driven by various factors, ranging from more varied preparations for breaking the fast and pre-dawn meals, the need for new clothes for Eid, to the tradition of returning to one's hometown, which requires special funding. In fact, based on a report from Redseer Strategy Consultants, total Indonesian consumer spending during Ramadan 2025 is estimated to reach US$ 73 billion or the equivalent of Rp 1,188 trillion. [4] This figure reflects a massive turnover of money in a short period of time.
On the other hand, Ramadan also shows a dramatic increase in awareness of sharing and philanthropy. A 2025 GoodStats survey shows that 82% of Muslim respondents allocate their Ramadan budget for zakat, infaq, and sadaqah. This figure places philanthropic activities as a top priority during the holy month. This means that even though consumption increases, there is a strong urge to redistribute some of one's wealth to those in need.
This is where Ramadan becomes a real turning point. Ramadan not only increases the circulation of money in the market, but also changes the orientation of how that money is used. In the principles of Islamic economics, wealth is not seen as an absolute right, but as a trust or deposit from God that contains rights for others.
Zakat, with its formal provisions of 2.5 percent on wealth that has reached nisab (minimum threshold) and haul (period of ownership), is a formal instrument that ensures the systematic and mandatory redistribution of wealth. However, the spirit of Ramadan goes beyond these minimum obligations. It even succeeds in encouraging infaq, almsgiving, and various forms of economic care that arise from personal awareness. These voluntary contributions, whether in the form of food, cash, or time, strengthen the social safety net and reduce economic inequality.
If this momentum continues after Ramadan, then Ramadan will become a turning point that changes the economic patterns of Muslims. This change is evident in the magnitude of spending as well as in the direction and intention behind it. Sharia economics ultimately is not only about financial systems or halal instruments, but about shaping an economic character that is just, balanced, and socially responsible. Ramadan opens up opportunities to embark on this new direction, where spirituality and economic activity run in one unified consciousness.
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