Blog Post --- Published on February 12, 2024 | Last Updated on February 12, 2024

Kajian Jago Syariah: Emergency Fund Planning in Islam

skema dana darurat dalam sudut pandang islam dan cara menabung dana darurat di deposito syariah jago Kajian Jago Syariah: Emergency Fund Planning in Islam

An emergency fund is a very important type of savings for everyone to have. You must have known this. Some of you may be wondering, during the time of the Prophets, did anyone prepare emergency funds for their future needs? So that you are no longer curious, keep reading.

Emergency Fund Planning in the Time of the Prophets

Quoting from Ustadz Hanan Attaki, it turns out that emergency funds are discussed in the Quran. In the Quran there is a very interesting story or narrative that can inspire all Muslims to be able to manage their finances well, including preparing or building emergency funds.

In the Quran, the Prophet Yusuf is discussed. The Prophet Yusuf was an extraordinary prophet and treasurer of Egypt. Thanks to the great financial skills of the Prophet Yusuf, alhamdulillah, Egypt managed to get through difficult times at that time.

The method that Prophet Yusuf used at that time was to separate funds in different pockets to face the possibility of a long drought in the next 7 years. This is an example of a planned emergency scheme that existed during the time of the prophets thousands of years ago.

So, what Prophet Yusuf did at that time can inspire us all not to use all the money we have. In other words, it would be better if we don't think about how to spend the money we get, but think far ahead and be prepared in case we experience difficult times, such as disaster, crisis or illness, in the future.

Ustadz Hanan Attaki further suggested that as a Muslim, it is best to have lots of pockets or savings for various different needs. Not only savings to meet daily needs, but also savings for difficult situations. By having sufficient savings, we can get through difficult phases without having to burden other people. This is an example that we can emulate from the Prophet Yusuf.

When Is It OK to Use Emergency Funds?

As the name suggests, emergency funds can only be used when there is an emergency or urgency. The emergency or urgent situation referred to is a situation that must be handled immediately. If delayed, the consequences will be significant. The emergency or urgent category for each person can be different due to many factors (reference: LinkedIn). 

For example, someone who rides a motorbike every time they go to and from work. The person's motorbike suddenly broke down. This can be considered an urgent situation that must be addressed immediately because if not, it will make things difficult. However, if you walk to the office and your motorbike at home breaks down, you don't need to repair it or buy a new motorbike immediately.

Another example of an emergency is someone who loses their job so they have to rely on emergency funds to meet their daily living needs. Or, someone who falls ill but their illness is not covered by insurance. So like it or not, emergency fund savings must be used to immediately treat the illness so that it doesn't get worse.

When some or all of the emergency funds have been used and the emergency situation has been handled well, don't forget to build up your emergency funds again. By having emergency savings, if at any time another emergency or urgent situation occurs, insyaAllah, you don’t have to panic when dealing with it.

How Much Emergency Funds Should You Have?

Now coming to how much emergency fund savings you must have, is there a minimum or not? So is there a difference in the amount of emergency funds that must be prepared for those who don't have a family and those who have a family? Come see what certified financial planner Edo Velandika CFP® has to say.

"Everyone, whether married or not, needs to prepare an emergency fund. If you are single, an emergency fund should ideally be prepared for at least 3x your monthly needs. Meanwhile, if you are married with 1 child, the minimum emergency fund you need to prepare is to meet family expenses up to 12 months."

Where Is It Best to Save Your Emergency Funds?

Because emergency funds can only be used during emergencies or when something unexpected takes place, you need to secure the funds so they don't get used for other needs. However, at the same time you need to be able to access the funds at any time in case you need them.

Considering the two factors above, you can save emergency funds in the Sharia Deposit. You can open a Sharia Deposit directly via the Jago application after having a Jago Syariah account.

You can read about the various benefits of saving emergency funds in the Sharia Deposit in this article.

Sharia Deposit Akad at Jago Syariah

deposito syariah jago syariah pakai akad mudharabah muthlaqah dan fleksibel karena bisa dicairkan kapan saja tanpa penalti

You can live with ease and at the forefront according to sharia principles if you save emergency funds in the Sharia Deposit. It is because the Sharia Deposit is a Jago Syariah product that uses  Mudharabah Muthlaqah akad. With an akad that complies with sharia principles, the Sharia Deposit provides profit sharing. The amount of profit sharing that you get is in accordance with the amount of money you save as emergency funds in the Sharia Deposit.

Are you ready to prepare emergency funds in advance according to sharia principles so you can live your daily life with ease?

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