Imaam as-Sa’dee (d.1376H) – rahimahullaah – said:
This du’aa (supplication) is from the most comprehensive and beneficial du’aas (supplications), since it includes asking Allaah for well-being with regards to both the Religion and the world.
Thus, al-hudaa (the guidance) is beneficial knowledge, and at-tuqaa (i.e. taqwaaor piety) is righteous actions and leaving-off what Allaah and His Messenger have forbidden; andthis is (asking) for correctness and well-being of a person’s Religion.For indeed, the Religion comprises of beneficial knowledge and recognising the truth – which is guidance – and standing firm upon obedience to Allaah and His Messenger sallallaahu ‘alayhi wa sallam – and this is piety.
And al-’afaafa (well-being and safety) and al-ghinaa (contentment and sufficiency) comprises of being safe from (the harms of) the creation and that the heart is not attached to them. And it also comprises of being contented with Allaah and what He provides, and seeking whatever will cause the heart to be satisfied with Him. So with this, happiness in this worldly life is completed, and the heart tastes true sweetness and delight – and this is a goodly life.
So whosoever is granted the provisions of guidance, Piety. well-being and contentment has indeed achieved true happiness, and has acquired all that could be possibly sought after, as well as being saved from all that is dreadful and frightening.”